Among a host of credit-related services are supplemental credit reports, integrated offerings and credit restoration. One firm claims that loan originators can boost their referral business with one of its products.
Loan originators can generate business from professional referral sources using a 20-minute turnkey presentation from Cogent Road, an Oct. 5 news release indicated. The presentation explains how to legitimately re-score borrowers’ credit scores through credit proofreading. The process involves the identification of credit usage errors, evaluation of credit report accuracy and assistance with changing borrower spending behavior.
ENCORE was announced earlier this month at the Mortgage Bankers Association’s 96th Annual Convention & Expo by First American CREDCO. The new offering “is the industry’s only comprehensive consumer reporting solution that delivers FCRA-compliant risk analysis for all critical elements of the mortgage application and servicing processes.”
First American claims that the service provides a comprehensive view of risk and includes credit risk, identity verification and income and employment verification. The offering relies on public, private and proprietary data sources and provides an analysis of the applicant’s credit information from all three national credit bureaus, public records and other sources — among other things.
First American CREDCO claims that it processes half of all credit reports ordered by the mortgage industry.
A similar offering was announced on Oct. 5 by TransUnion and ID Analytics. Customers of TransUnion will now have access to collections, credit and identity risk solutions and will be able to access a supplemental credit score even on prospective borrowers with limited or no credit histories. The ID Network reportedly includes data from more than a billion consumer transactions and more than two million confirmed identity frauds.
“ID Analytics’ scores provide TransUnion customers with unique, real-time insight into consumers’ fraud risk and creditworthiness across the entire lifecycle including origination, portfolio management and collections,” the statement said.
In September, Kroll Factual Data initiated a partnership with Prime Alliance Solutions Inc. to provide credit services to 1,600 credit unions through Prime’s loan origination system, according to a recent announcement.
While the new FICO 08 credit scoring model can result in credit scores that are as much as 15 percent higher, the model has not been approved by Fannie Mae or Freddie Mac, according to a recent announcement from Credit Security Group. But when it is approved, higher-end borrowers will see the biggest benefit.
“It takes into account more of the borrower’s history and penalizes them less for a single unusual event,” Credit Security President Eddie Johansson said in the statement. “It also has more score card levels, allowing finer adjustment of credit scores.”
CreditScoreQuick.com recently partnered with SmartCredit.com to provide free credit reports to consumers as well as help resolving the problems they identify. With the service, inaccurate reporting is easily disputed, credit reports can be locked and notices are generated when credit updates occur.
A new strategic partnership enables customers of Informative Research to utilize ValuFinders’ Appraisal CONCIERGE online appraisal ordering and delivery service, an Oct. 13 announcement indicated.
An interface has been created to connect Equifax’s APPRO loan and account origination solution with CUNA Mutual Group’s LOANLINER Document Web Service, an Oct. 12 news release said. The Web-based interface promises to address key compliance needs and reduce processing times.
Corporation Service Co. claimed in a recent news release that its new Bankruptcy Tracker will notify lenders almost immediately by e-mail when one of their borrowers files for bankruptcy.
Credit Restoration Bureau recently issued an announcement indicating that it has improved upon its 12-month $79-per-month premium service with a 6-month “premium plus” program that is priced based on the individual. The enhanced offering “is geared toward people that have a limited amount of time to obtain results but require a highly customized product to assist individuals in obtaining a government security clearance or resolve the issues created by unique situations such as divorce or identity theft.”
