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From good to great: Why clients with 700+ scores are the key to closing more loans
Want to get an edge over competitors and win more business? Offer better rates for clients with mid-scores above 700 by developing a plan to get their high credit scores even higher.
We’ve heard from the industry that there’s been a growing number of people with higher scores in the mortgage application process over the last few months. Our product data confirms this trend, showing an increase from 54% of mortgage credit pulls with 700+ mid-scores in February to 62% in July. These clients likely won’t have issues qualifying overall, but you could show them a clear path to a better deal in just a few minutes with CreditXpert® What-If Simulator™ or CreditXpert® Wayfinder™. Saving your client money makes your offer more attractive, and going that extra mile leads to a happier customer and more referrals.
The best part? It’s more likely for higher-score clients to achieve an increase because it often requires fewer actions than those with moderate credit scores. If you have questions on how our software can help, reach out to us at info@creditxpert.com.
Related Credit Insights
The enterprise-ready SaaS platform helps mortgage lenders attract more leads, make better offers and close more loans.
You work hard to keep that pipeline growing, but at some point, it just stops. You might find yourself with many potential borrowers, but no one is quite ready to pull the trigger, so you are stuck in a stalemate and not closing nearly as many deals as you'd hoped.
Now what?
The key is to get creative so you never get to this point. You know borrowers are constantly coming and going. Once you close them out, you move on to the next set. That's why a big part of a loan officer's job is always looking for new business.
Consider this scenario: Joe thinks he wants to buy a house but is on the fence. You run his credit for pre-approval and find that what he qualifies for is outside what he's comfortable affording. Normally, Joe would go on his merry way, and you'd continue looking for other clients.
But instead, you encourage Joe to optimize his credit over the next few months. You give him tips on how much money he should save for the down payment or even to buy down his rate. After three months of working with you, he achieves the credit score needed to qualify for a better loan program and rate. He finds his dream house, and you close the loan, all because you offered credit optimization.
This isn't just about Joe. Every potential borrower can benefit from credit optimization, whether they're hesitant buyers, those who don't quite qualify yet, or clients seeking lower interest rates. Even borrowers with high credit scores might find value in optimizing their credit to secure better terms or lower their debt-to-income ratio.
By offering credit optimization services, you're showing potential borrowers that you see them as more than just a number. You're demonstrating that you care about making homeownership a reality in the most affordable way possible. This approach not only helps you maintain a healthy pipeline but also builds the kind of trust that leads to referrals and long-term client relationships.
Think about it: instead of letting potential clients slip away when they're not quite ready, you're providing a valuable service that keeps them engaged and moving toward their homeownership goals. That's the difference between a stagnant pipeline and one that consistently produces results.