Industry Insights
Is it true that mortgage lenders can’t report “lates” during the pandemic?
One of the most common questions we’ve heard from mortgage professionals is whether it’s true that lenders can’t report “lates” during the pandemic. The answer? No! The CARES Act governs how lenders report to the bureaus only in circumstances where they have reached an agreement with the borrower. In other words, if the borrower has…
Read MoreNEW Video Series: Your COVID-19 credit questions, answered
There are a lot of unknowns amidst the current global pandemic. For instance, in our first Insights Poll last month, we learned that more than half (51%) of mortgage professionals are troubled that employment uncertainty may keep borrowers from applying for mortgages. If you’re facing challenges and have questions, our team is here to help.…
Read MoreSuper User Spotlight: Sheri Kagimoto, Aligned Mortgage
Sheri’s client was eager to purchase a property, but her credit score was too low to qualify for a loan due to outstanding student loans and derogatory medical debt. Using CreditXpert® What-If Simulator™, Sheri discovered that deleting the medical debt and reversing the derogatory information on the student loans would significantly increase the credit score.…
Read MoreXpert Tips: When your borrower has no cash for an improvement plan.
Borrowers can’t always pay down debt to help improve their credit score. Rosa Mumm, our product support manager, teaches you how to create a credit improvement plan that works for your client using CreditXpert® Wayfinder™ and CreditXpert What-If Simulator™:
Read MoreXpert Tip: CreditXpert® What-If Simulator™ “Last Reported” feature helps when rescores take longer than usual
Are rescores taking longer than usual? Learn a potential workaround from Rosa Mumm, our product support manager, using the CreditXpert What-If Simulator “Last Reported” feature and other insights:
Read MoreXpert Insights: How does forbearance impact the credit score?
How does forbearance impact credit scores? This is the top question we’ve received from mortgage professionals lately. Rosa Mumm, our product support manager, has the insights:
Read MoreXpert Insights: Does the comment “Impacted by natural or declared disaster” impact the score?
You’ve seen the comment “Impacted by natural or declared disaster” on your borrowers’ credit reports — but how does that affect their score? Our product support manager Rosa Mumm has the answer:
Read MoreXpert Insights: Using CreditXpert® What-If Simulator™ to navigate score requirement changes.
Do you have borrowers at risk of no longer qualifying for mortgage loans due to recent score requirement changes? Rosa Mumm, our product support manager, explains how focusing on external collections may help you reach a new target credit score:
Read MoreCredit Tip: When it comes to credit scores, time matters!
Many people assume the passage of time always helps the credit score. However, about 30% of all mortgage applicants experience a score decline during the next calendar month due to information already in the credit report. Here are a few examples: Changing scorecards. Age of accounts is a key factor to determine the credit scorecard.…
Read MoreQuiz yourself: how well do you know credit?
Q: True or false? A “hard inquiry” for a credit card will always negatively impact the credit score.
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