From the 2008 financial crisis to the global coronavirus pandemic that began in early 2020, within the U.S., consumers have had to contend with some epic struggles – losing jobs, getting behind on bills, and other similar hardships. Not surprisingly, there has been increased visibility into the companies, mobile apps, and products that claim they can help borrowers recover.
According to a Wall Street Journal (WSJ) article in August 2020, coronavirus tanked the economy, yet surprisingly credit scores improved. The reasons given for this illogical event were the unprecedented stimulus payments from the U.S. government and widespread ‘pauses’ on loan payments for mortgages, autos, and student loans. Many consumers paid down other debts, helping to boost credit scores.
Since we will assume stimulus payments will be very rare in the future, it’s crucial consumers and lenders are aware of helpful programs and tools available during every market condition. In this article, we will focus on one all-encompassing tool.
What is CreditXpert Wayfinder?
CreditXpert Wayfinder is a tool lenders subscribe to that can help them qualify more borrowers for loans by assisting them in managing their credit which will also help them qualify for better loan terms.
Wayfinder automatically identifies a step-by-step plan of action and recommends specific actions borrowers could take with the intent to improve his/her credit score. This is good on many levels but especially helpful for mortgage loan officers who do not typically have the time or expertise to coach borrowers on credit improvement plans to enable their borrowers to qualify for loans.
One of the many reasons Informative Research became a reseller of the Wayfinder solution is that studies have shown a consumer’s credit score can be improved by an average of 27 points. That is tremendous, and among all of the competitive products and companies out there, few are that successful at helping borrowers qualify for loan programs.
Wayfinder has a very user-friendly and intuitive interface with superb flexibility in reviewing various interchangeable options. You can review multiple variations and even view the statistical likelihood of success. All plans of action are easy to share with borrowers.
Top-5 Lender Benefits of Wayfinder
- Adds more qualified borrowers to your active pipeline
- Builds borrower trust and long-term loyalty; show clients you are fighting for them
- Requires minimal effort by you or your mortgage loan officers, as Wayfinder uses proprietary algorithms to build the plan of action
- Simple ordering – quickly order through a convenient Web Credit System and get results automatically
- Wayfinder also helps lenders lower rapid rescoring fees by finding plans that require fewer account actions
Why should you use CreditXpert Wayfinder?
According to CreditXpert, nearly half of all consumers have a credit score of 700 or lower, providing a vast consumer pool that could benefit. Using a tool like Wayfinder, when you improve scores into the next score category, you can lower loan-level pricing adjustments for these customers by 50 basis points or more – saving them on average $30+ per month for every $100K borrowed.
Best of all – reputation and trust are never an issue when you partner with Informative Research. We say what we do, and then as we promise, we ‘do what we say.’ We know you have options out there. But make sure you vet your vendor. Sadly, according to a 2016 notice from the CFPB, more than half the complaints it received about credit repair involved alleged fraud or scams.
With Informative Research and CreditXpert Wayfinder, you can set your mind at ease, as well as the minds of your borrowers. Get in touch so that we may give you a glimpse into our 70-year history of operational and technological excellence.
