Warren Alcorn Uses CreditXpert® What-If Simulator to Help Get Client to Underwriting Approval

Warren Alcorn, Alcorn Mortgage Team at TruLoan Mortgage in Georgia

Warren had a client with an initial middle FICO score of 575 looking to buy his first home. Warren knew at least a 580 was needed for minimal FHA eligibility, and even higher for potential automated underwriting approval. But “good enough” just wouldn’t do for Warren, who saw this as an opportunity.

He turned to the CreditXpert solutions he’d used for decades. Using CreditXpert What-If Simulator, Warren saw that if the borrower made a few modest balance pay downs, he would achieve the initial score target of 580.

Reaching a higher FHA threshold of 620 or even 640 would yield better terms and a higher likelihood of approval. Warren’s team used CreditXpert What-If Simulator to see if they could make this a reality. Their analysis outlined a step-by-step plan with the actions the client needed to take.

The borrower made the suggested pay downs and worked with Warren on the taller tasks prescribed by CreditXpert What-If Simulator. In only 57 days, his mid-score reached 647. The higher score meant the borrower received an automated underwriting approval. Thanks to Warren, he happily closed on his home with a lower interest rate.

Read the full success story, here.