News and Insights from CreditXpert

We regularly share tips for using CreditXpert products, Super User Spotlights and more. You can also subscribe to our newsletter, Xtra Credit to get news and tips delivered right to your email every month.

Balancing consumer demand in challenging times

By CreditXpert | April 2, 2020

We’re focused on meeting your needs in this uncertain landscape. The COVID-19 crisis is challenging for everyone, but it’s affecting our industry in a unique way. While we’ve faced economic downturns in the past, the current situation is vastly different than anything most of us have experienced before. We know you’re working around the clock –…

Xpert Insights: Using CreditXpert® What-If Simulator™ to navigate score requirement changes.

By CreditXpert | April 2, 2020

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:

Super User Spotlight: You!

By CreditXpert | March 22, 2020

We love seeing the amazing ways mortgage loan originators use our tools to make clients’ homeownership dreams a reality. In fact, we’re gathering examples to use in Super User spotlights, case studies and more. Do you have an outstanding success story that demonstrates how utilizing CreditXpert’s solutions made a big impact on a client outcome? If so, we want…

Credit Tip: When it comes to credit scores, time matters!

By CreditXpert | March 15, 2020

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.…

Product Tip: CreditXpert® What-If Simulator™

By CreditXpert | March 10, 2020

Want to avoid unnecessary rescore fees? If you click the “Opened” date in CreditXpert What-If Simulator, you can see when account data was last reported. Since this date is typically consistent (within a day or two) each month, you can then determine when the account is expected to report naturally.

Improve every score: The secret to success many lenders don’t know

By CreditXpert | March 5, 2020

Everyone has their comfort zone. Many mortgage loan originators defer an applicant with a credit score below 620 (the minimum to qualify for a conventional or VA loan). Others are satisfied when an applicant’s score is in the good range, around the low 700s. But these lenders are missing big opportunities to improve customer satisfaction…

Quiz yourself: how well do you know credit?

By CreditXpert | February 17, 2020

Q: True or false? A “hard inquiry” for a credit card will always negatively impact the credit score.

Product Tip: What-If Simulator vs. Wayfinder – Which should you use?

By CreditXpert | February 15, 2020

Many mortgage loan originators turn to CreditXpert® What-If Simulator or CreditXpert Wayfinder when working with a client who needs to improve their credit score to get a loan or better rate. But how do you determine which product to use? If you know the target score but don’t have a lot of time or credit…

Super User Spotlight: Warren Alcorn, Alcorn Mortgage Team

By CreditXpert | February 7, 2020

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

Are you ready to help applicants looking for lower rates?

By CreditXpert | February 4, 2020

Fannie Mae predicted that mortgage rates would remain relatively low throughout 2020. Specifically, they forecast that 30-year fixed mortgage rates will stay near 3.7% – lower than last year’s average rate of 3.9%. Now is a great time to make sure you and your team are ready to help home buying and refi applicants looking…