- January 16, 2014
- Posted by: Joel Firestone (G-Net Consulting)
- Category: News
24…that is the average number of points scores increased in 2013 as a result of a rescore. Think about it…how many more loans could have been closed with an extra 24 points? Rescores had an average success rate of 91% in 2013 with 60% of those rescores being accomplished simply by the borrower paying down a balance or two on credit cards.
As most have heard by now there may be some changes coming that will make the possibility of rescoring even more important. The Federal Housing Finance Agency (FHFA) has introduced a plan to Fannie Mae and Freddie Mac that implement certain changes to the loan-level price adjustments (LLPA) If these changes are implemented borrowers are going to need a minimum of at least a 740 credit score to incur the least amount of damage. While currently, a 680, 700 or 720 can result in better pricing that will no longer be the case if this plan is implemented.
Advantage Credit can help! We have a dedicated rescoring team that will spend as much time as you need going over files and preparing scenarios that will be the most help to your borrower. Our What If Simulator is a product that we have a 90% success rate with and can be of great use when trying to decide what would be the best course of action for your borrowers.
What are some of the benefits of utilizing rescores??
• It’s quick! Usually a 2-3 business day turn time and with 2 of the bureaus we can do a 24 hour rush!
• Helps you get the best rate and loan program for your borrower
• Enhances customer loyalty and getting repeat customers
• Showing a balance paid down on a credit card is as simple as the borrower printing out an online snapshot of the new balance
• Our rescore team, with their years of expertise and knowledge have a wealth of tips and tricks that could help your borrower
• It’s relatively inexpensive. 70% of our rescores are done for under $100.
Bottom line it can help you close better loans faster!
With higher credit scores becoming more and more important and some of the impending changes that may be happening we can help you help your borrowers! We are just a phone call or an email away and one of us will always be available to speak to you!
Our team is The Fab Five!
Mindy Leisure – 303-952-7541 firstname.lastname@example.org
Jackie Reynolds – 303-952-7533 email@example.com
Jewell Fisher – 303-952-7585 firstname.lastname@example.org
Marycarol Patz – 303-952-7561 email@example.com
Deb Buchanan – 720-389-0377 firstname.lastname@example.org