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new compliance tools public record comparison, inquiries comparison, and information sources comparison. General information also is included, as is a convenient quick-reference summary section. Manual inquiry verifications also are helpful in this regard because they can help determine new account information, as are soft code inquiries, which are available for pre- and post-funding reviews. The tax return verification remains a helpful resource for comparing the income-related lines of a borrower’s tax return with the same lines on file at the Internal Revenue Service (IRS), ensuring

continued from page 6

that the original IRS figures have not been tampered with. These reports also can highlight any discrepancies with Social Security Administration files. Verifications are invaluable in the fight against mortgage loan fraud, a crime with an impact that runs into billions of dollars. A number of other tools are also available to check an applicant’s Social Security Number, address, phone number, employment information, liabilities and the property’s history. These reports also can highlight fraud and other alerts on an applicant’s file.

The speed with which mortgage professionals can obtain these reports is a huge advantage in quickly identifying and resolving possible red flags. The ability to order and receive delivery of appraisals electronically is another valuable time-saver.

Ensuring an accurate credit score Fannie Mae raised its minimum score requirement to 620 in the beginning of July. Even a few points can mean the difference in whether a mortgage applicant is approved or denied, so scoring tools are especially valuable to mortgage professionals in today’s market.  Credit snapshot: The ability to size

Consumers want to work with people Consumers want to work people they can trust and believe. they can trust and believe. starts by setting higher Trust starts byTrust setting higher BROKER standards for the mortgage industry. standards for the mortgage industry. ER

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 Score analysis: It often is essential to get the story behind an applicantâ&#x20AC;&#x2122;s credit score. A proprietary product is now available to generate a detailed analysis of a credit score, scrutinizing both the positive and negative factors that influence that score. Separate analyses can be generated for one, two or three credit bureaus, as well as for a co-applicant. A summary report suggests actions for the applicant to reach his or her target score.  Rapid rescoring: Mortgage professionals now have the ability to forward documents supplied by their applicants directly to the credit bureaus for rush investigation and rapid re-scoring. The process can quickly rectify misreported, inaccurate or outdated information; correct an account status or balance; remove derogatory information and accounts reported in error, and more. An updated report and score can be provided in as little as 72 hours, after each bureau has verified the documentation.  Customized plan: Proprietary programs, such as Credit Plus Inc.â&#x20AC;&#x2122;s Lending Hand program, has demonstrated that it can help as many as 83 percent of applicants who were declined due to not meeting score minimums to qualify for mortgage loans.1 A team of experts reviews the documentation to conduct an indepth file analysis, then creates a customized action plan for the applicant. The program can even alert the mortgage professional with follow-up reports when an applicant has made progress and becomes a good candidate to close a loan. Mortgage professionals need not feel lost at sea over recent industry changes as long as they have the proper tools at their disposal. These resources can, in fact, ensure smooth sailing that can weather any market conditions.

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up an applicantâ&#x20AC;&#x2122;s creditworthiness at a glance is especially helpful, and a new credit report cover sheet is one product that does just that. It forecasts an applicantâ&#x20AC;&#x2122;s 30-day midscore, warns if nominal increases in the revolving balance put that midscore at risk, and highlights key indicators that require attention, such as accounts in dispute.

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Greg Holmes is national director of sales and marketing at Credit Plus Inc., a leader in credit-information services since 1928. He may be reached by phone at (800) 258-3488 or by e-mail at beyondbundled@creditplus.com.

Footnote 1-A sampling of 500 declined loan applications due to not meeting score minimums that were re-reviewed using the Lending Hand or Lending Hand Express programs from Credit Plus Inc. showed 83 percent of borrowers reached their target credit score.

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