Upgrade to the new CreditXpert Platform before October 1, 2024

Upgrade to the new CreditXpert Platform before October 1, 2024

Wayfinder and What-if Simulator will be sunset on October 1, 2024. Mortgage professionals can immediately upgrade to a more powerful, integrated Credit Optimization platform.

Since the early 2000’s, CreditXpert tools have been used by more than 100,000 mortgage professionals to help borrowers optimize their credit scores. By leveraging CreditXpert’s proprietary predictive analytics tool, mortgage professionals have been able to qualify more borrowers, help deliver more compelling interest rates, lower PMI and improve margins with lower LLPA premiums. This is why the CreditXpert team has built and launched an even better solution that will help make homeownership more accessible and affordable for all.

What happens to Wayfinder and What-if Simulator?

CreditXpert has traditionally been distributed through Credit Reporting Agencies (CRAs) and accessible to mortgage professionals as they order credit and verification services. Starting October 1, 2024, Wayfinder and What-if Simulator will be sunsetted and no-longer available for purchase through CRA’s . Instead, the new CreditXpert Platform will be offered directly through CreditXpert. This new platform includes the best of Wayfinder and What-if Simulator (and a whole lot more) in an integrated platform that will make it easier to offer credit optimization to all. The platform seamlessly connects to your CRA(s) so that you can generate detailed credit optimization plans as soon as you pull credit for a borrower.

The majority of CRAs are already connected to the new CreditXpert Platform and we anticipate having all major CRAs connected by March 31, 2024. For an updated list of connected CRAs and more detailed FAQ’s, please visit our upgrade page.

How to upgrade to the new CreditXpert Platform

The last thing anyone wants is a complicated tech implementation. The good news is that upgrading to the new CreditXpert Platform is simple and straight forward.

It all starts by visiting our upgrade page. Simply tell us a little bit about you and your company and we’ll connect you to the offering that is right for you. If you are a smaller lender or broker, you can complete your connection within 15 minutes and be ready to roll in 3-5 business days when your account is connected to your CRA. For larger lenders, it’s likely that CreditXpert will need to become an approved vendor. As many of the industry’s largest originators have already completed their upgrade, we have been building out a resource center with all the resources you need to set CreditXpert up as an approved vendor. Visiting the upgrade page and answering the quick questionnaire will put you in contact with a CreditXpert Upgrade Specialist.

Will my team need to be trained on the new CreditXpert Platform?

If you and your team have used CreditXpert in the past, you’ll be up and running on the new platform in just minutes. If you have never used CreditXpert or have only used it from time to time, you can also be up and running quickly. The new platform was designed to fit within high production workflows and detailed credit optimization plans can be generated with just a couple clicks. That said, we have a significant knowledgebase with on-demand tutorials and client success / support resources that will be available for your team.

What’s new in the CreditXpert Platform?

We are constantly adding new features and improving performance, this is one of the primary reasons for launching the new CreditXpert Platform. One of the best ways to learn about what’s new is to attend one of our weekly demo webinars where our Client Success team will show you in real-time how the platform works and how you can scale credit optimization within your organization.

Below are just some of the highlights . . .

Secure, cloud-based platform.
Now that we have crossed over into 2024, we thought it might be time to try out this new cloud thing (HA HA!). Wayfinder and What-if Simulator have been traditionally hosted on each CRA’s platform which has meant that pushing new features and updates could take months. By moving to a cloud-based platform, we can push new features and updates to EVERYONE at the SAME TIME as they become available. Our Amazon cloud environment is completely secure and is backed up by our ISO 27001-2022, SOC 2 Type II and SOC 3 certificates. You can learn more about CreditXpert’s security protocols here.

3B credit optimization plans.
This is really important and something that users of the new platform have been most excited about. Wayfinder and What-if Simulator are single bureau tools which means that mortgage professionals need to cobble together plans across multiple bureaus. This is time consuming, there is more room for error, and the manual process often results in more rescores being ordered than needed. The new platform automatically optimizes against a mid-score and quickly produces optimized plans – saving you time and money while reducing errors.

Every borrower’s credit potential right in front of you.
With 74% of borrowers able to increase their score by at least 20-points within 30 days, it’s important to give all borrowers an opportunity to optimize their score. The new platform quickly identifies a borrower’s mid-score. And with just a single click, our predictive analytics engine will show you the borrower’s credit potential and what it will take to achieve a target score.

Share optimization plans and track borrower progress.
We know you need to stay laser focused on closing loans – not running around keeping tabs on borrowers and how they are coming along with their credit optimization plan. All you need to do is set a due date and share the plan. CreditXpert automatically sends reminders, tracks borrower progress, and updates your dashboard. It’s that easy.

Know the likelihood of reaching a target score.
Those who have used Wayfinder know that we display a “likelihood score” for every plan generated. Mortgage professionals love this feature in that when the likelihood score is above 90%, they can feel confident in recommending the plan to their borrower. Those who use What-if Simulator don’t have access to a likelihood score. This means that while a mortgage professional may have worked to find a way to help a borrower reach a target score, the likelihood is low in the desired timeframe. This can result in missed target scores. The new CreditXpert Platform defaults to the plan with the highest likelihood score and the lowest required cash. Showing a likelihood score for every plan will reduce errors and help you confidently work with a borrower so they can optimize their score.

Technology that helps you reduce errors and improve efficiency.
CreditXpert’s proprietary algorithms have analyzed nearly 1 billion credit records and can help identify underwriting blockers and pinpoint changes between credit pulls that may have impacted a borrower’s credit score.

Easily scale Credit Optimization across your organization with a growing suite of enterprise-ready tools and reporting features.
Today’s most innovative originators use CreditXpert to help them attract more leads, qualify more borrowers, make more competitive offers, improve margins with lower LLPA premiums and ultimately close more loans. This means that mortgage professionals need tools that will help them monitor usage, automate process, and easily offer credit optimization to all. The new CreditXpert Platform has a growing suite of tools that do just that.

Ready for pending industry changes.
Our new cloud-based platform will give us the ability to push updates that conform to proposed industry changes like new credit models and bureau requirements. When the industry is ready, the new CreditXpert Platform will be ready for you!