Cutting Costs and Closing More Loans

2007 was a brutal year for most mortgage professionals and 2008 looks to be even more of a challenge. In this highly volatile mortgage market, it’s critical to take advantage of cost savings wherever possible. One area where significant savings are often available are credit reporting practices. For example, most brokers and loan originators run a tri merge report on all applicants to determine if they are viable mortgage candidates, and absorb the cost of credit pulls on applicants that fail to result in closed loans (typically more than 80% of total credit reports purchased.)

A more efficient option is to pre-screen your applicants, using a less costly process to identify viable loan candidates. Credit Technologies created a process called Mortgage Alchemy^® that enables brokers to focus their time and expenditures on applications most likely to result in closed loans. The Vision component of the Mortgage Alchemy suite automatically identifies qualified loan applicants based on your lending guidelines, and instantly provides a savings of 30% or more in credit reporting costs.

By analyzing your applicant’s credit data and FICO^® scores, against your credit minimums, Alchemy Vision instantly identifies loan fallout based on your specific lending guidelines and reduces the time spent on non viable applicants. When borrowers meet your minimum guidelines, a traditional credit report and scores are delivered at regular cost.  When an applicant fails to meet any of your requirements, a Vision report and FICO score is automatically delivered, slashing your out-of-pocket credit reporting fees and saving you thousands in direct operating costs.

The Vision process is completely automated and transparent to the user. Within milliseconds of your credit report request, Vision goes to work separating applicants that represent viable mortgage clients from those that do not qualify and all Vision decisions are based on your specific lending guidelines with results delivered through virtually every loan origination system including Point and Encompass.

Vision also includes an FHA module, allowing you to pre-determine if your applicant is a candidate for an FHA loan – again, all based on your customized criteria. In addition to the obvious cost savings, Alchemy Vision can be deployed across your entire organization in a matter of minutes and greatly reduces time spent on non viable loan applicants.
 

To learn more about Mortgage Alchemy, including a personalized cost savings and revenue projection, contact Credit Technologies at 800.449.4922 Option 1 or via email at BusDlvp@CreditTechnologies.com

© 2008 Credit Technologies, Inc. - All Rights Reserved