If you’re eager to maintain a strong credit score, you probably already know what’s at stake. A high credit score can help you qualify for loans, secure lower interest rates, and access more favorable opportunities. To earn a high credit score, you must optimize five factors: your payment history, account balances, length of credit history, credit mix, and credit inquiries. … Read More
Insights
Buying a home is an exciting process, but it requires careful planning and a strong creditworthiness. From your initial application to closing day, it can feel like you’re under a microscope. And in many ways, you are—mortgage lenders closely scrutinize your finances and credit history to ensure you can truly afford your home loan. The good news? With a few … Read More
Protect Your Credit with Smart Do’s and Don’ts During the Mortgage Process
Insights
With today’s rising home prices and elevated interest rates, buying a home comes with significant costs. As a result, many borrowers are eager to save on their mortgage payments. One powerful way to minimize your mortgage payments is to apply for your loan with a strong credit score and low debt-to-income (DTI) ratio. While it can take time to build … Read More
Rapid Rescores vs. Credit Supplements: What’s the Difference?
Insights
In the fast-paced world of mortgage lending, every point on a credit score can make a difference. That’s where rapid rescore service comes into play. This powerful tool can be impactful for both lenders and borrowers, potentially turning a loan denial into an approval or securing a more favorable interest rate. Rapid rescore service helps borrowers get a credit score … Read More
Rapid Rescore Service: Boosting Credit Scores for Mortgages
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As a mortgage lender, managing risk is a vital step in safeguarding your profits. In addition to mortgage fraud, loan buybacks, and regulatory compliance, you also have to protect your business from early payoff (EPO) penalties. Since mortgage rates have been elevated for the past few years, EPO penalties haven’t been a top concern. However, as rates begin to decline, … Read More
How to Protect Your Mortgage Lending Business From Early Payoff Penalties
Insights
As a mortgage lender, your loan origination costs have a direct impact on your profitability. Unfortunately, these costs have been on the rise for some time. According to Freddie Mac, average origination costs increased by 35% over the past three years, leading lenders to report an average net loss of $645 per loan in Q1 of 2024. So, what’s driving … Read More
