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The browser you are using is not supported. Please consider using a modern browser. Skip Navigation SEARCH HERE TO GET ANSWERS. Query Search Close search Close menu * Solutions * Enterprise Next Generation Platform * Why CreditXpert? * For Homebuyers * For Real Estate Agents * For Mortgage Professionals * Resources * Company * About * Careers * Media Room * Pricing Login Query Search CreditXpert * Solutions * Enterprise Next Generation Platform * Why CreditXpert? * For Homebuyers * For Real Estate Agents * For Mortgage Professionals * Resources * Company * About * Careers * Media Room * Pricing Search Login Upgrade Get Started Open menu Back to Listing CATEGORIES * Data & Research * Market News * Company News * Archive Resources WHAT’S THE ROI? WHAT A CREDIT FIRST LENDING STRATEGY COULD MEAN FOR YOUR BOTTOM LINE. By Jim Hemmer | December 7, 2022 Share on Social * Copied! * * * What's the Return on Investment? What a Credit First Strategy could mean for your bottom line. *Blog was written from direct quotes and subject matter covered in the embedded interview video. WHAT IS A CREDIT FIRST LENDING STRATEGY? Well, the interesting thing about the mortgage process in general is, credit is really the only thing that you can impact in the short-term. Additionally, more than 20% of the people who fall out of the application process is due to credit. If you think about it, your income, so the debt-to-income ratio, is really hard to move. It’s pretty static. You have two very important pieces that are hard to move. Then you have credit, and credit is the area where you can move the needle in as little as 30 days. If they need more help, we can put a custom, predictive plan in place for a longer period of time – the fact that we can impact credit is really the basis of a credit-first strategy. Because what’s the goal for lenders? The goal is to help people and close more loans. Three out of four borrowers, I mean nationwide, all credit classes, could improve their credit score. Could make it better by up to 20 points in less than 30 days. It’s a staggering statistic, and it’s backed by data. We are a data analytics company, after all. It’s remarkable. That statistic, and I’ve mentioned it in a few of these podcasts in different areas, is staggering. People are surprised by that. Frankly, we were a little surprised by that as well. I mean, that’s the value of really looking at the data for what it is. But yeah, that’s true. Nearly 70% of people can improve their credit score by more than 20 points in as little as 30 days, for those under a credit score of 740. So, you’re talking about a fairly big swath of the applicant pool. HOW CAN YOU BOOST YOUR ROI USING CREDITXPERT? If you look at what lenders have had to do the past couple years, you had this massive increase in terms of volume. So, what did they do? They hired people and increased their costs to support that. Now the volume is down, so you have two choices. You’re either going to cut costs or you’re going to have to drive revenue. Lenders are trying to cut costs, but they’re not saying “no” to investing in new tools. What they’re looking for is a strong return on their investments. Here’s how CreditXpert can help, or if you just look generally what lenders are trying to do, first of all, they want to attract more leads. They want to get more people into the pipeline. Second, you want to convert more of those leads into the application process. When you get people into the application process, you want to get them approved or close more of those loans. You want to be competitive in your rates, and ultimately you want to close more loans and drive more operating profit. The three areas that are proven to drive ROI: 1. Grow your applicant pool 2. Improve your conversion rate 3. Reduce your credit related fallout HOW DO YOU GET MORE PEOPLE FROM THE LEAD POOL INTO THE APPLICATION PROCESS? Getting more people from the lead pool into the application process is easier when using CreditXpert, because you’re able to see the applicant’s credit potential and can create a plan to achieve their target mid-score. You can keep them in the application process longer, and once they’re approved for a mortgage, you are more likely to close them. Applicants begin to trust you more, because you are spending the extra time on them to improve their credit – working with them to get the best possible loan package. That’s the perfect segway to the Credit First lending strategy. WHY CREDITXPERT IS RIGHT, FOR RIGHT NOW. AND IN THE FUTURE. In a down market, this is sometimes where market share changes hands. This is where companies take a step back and really evaluate what they have to do to get better for the next run. So, the timing is actually great for us right now. And look, the most exciting thing for us as a company is our passion for our mission. We really want to help people, and the more that we can get lenders to get excited about this and to execute on this, it helps their business. That’s the money part, but it also helps … A lot of people out there need the help, and that’s the love part. We like to say, “It’s for love and money.” Back to Listing CATEGORIES * Data & Research * Market News * Company News * Archive Jim Hemmer Jim Hemmer has spent his entire career as a technology and business transformation enthusiast. He has a proven track record in building businesses that drive value for customers, employees, and shareholders and in building successful teams. His career has had an impact in multiple industries including FinTech, HR technology, Mobile and Telecommunications. As the CEO of CreditXpert, Jim’s goals are first and foremost to further the mission of helping families realize their dream by making homeownership affordable and accessible for all and to expand the impact CreditXpert can have by building new capabilities for mortgage loan originators and credit experts to assist borrowers. RELATED CREDIT INSIGHTS CREDITXPERT ANNOUNCES THE LAUNCH OF A NEXT GENERATION CREDIT SCORE INSIGHT AND ANALYSIS PLATFORM FOR MORTGAGE LENDERS By Mike Darne The enterprise-ready SaaS platform helps mortgage lenders attract more leads, make better offers and close more loans. Read More CREDIT CARD USAGE – WHAT LENDERS WANT YOU TO KNOW By Kim Pinnelli Your credit card usage can make or break your mortgage loan approval. Lenders look not only at your credit score but also at your debt-to-income ratio, which includes the payments on your credit cards. So improper use of your credit cards could make it harder to get approved for a mortgage. Read More SMALL INVESTMENT, BIG RETURNS As the mortgage market tightens, sourcing and retaining leads will become more challenging. Showing applicants that you are doing everything you can to position them for the best rates and terms could be the difference between winning and losing. Start with a free demonstration. Request Demo or find out How to Access CreditXpert ACCESS THE LATEST CREDIT INSIGHTS FROM YOUR INBOX. * Email * Send Δ CreditXpert * 1600 W. 41st Street, Suite 100 Baltimore, MD 21211 SOLUTIONS * Enterprise Next Generation Platform RESOURCES * Data & Research * Market News * Company News * Archive COMPANY * About * Careers * Media Room * Blog * Terms of Use * * * * 1600 W. 41st Street, Suite 100 Baltimore, MD 21211 Back to Top * * * Back to Top * Privacy Policy * Contact Us * Get Started * Site by Vitamin® * © 2024 CreditXpert Inc. All rights reserved. CreditXpert® Credit Assure™, Wayfinder™, and What-If Simulator™ are trademarks of CreditXpert Inc. CreditXpert is not affiliated with or endorsed by Experian (EXP), TransUnion (TU), Equifax (EFX) or FICO. Unless otherwise specified, assessments of score change causation and impact, and any score change predictions are produced by CXI and not by FICO or any credit bureau.