Whitepaper: Managing Mortgage Loan Costs in a Competitive Market

“When someone first applies for a loan, the lender almost immediately orders a credit report. If the applicant is rejected, the lender won’t always charge the borrower for that so the lender ends up covering the expense themselves. Today, it isn’t unheard of to have 40% of applicants fall out of the loan process at the credit score application stage, so lenders are incurring a lot of unnecessary costs.”