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What Football Teaches Us About Mortgage Credit Reporting

Matthew Holmes
Jan 07, 2020

It’s January, and that means a lot of us just simply have football on our brains. Whether it’s researching French onion dip recipes for the big game or placing bets on the final score, we’re hyped for Sunday. And to some of us, if we thought about mortgages like we thought about football, we’d be a lot better at our jobs. That got us thinking …
Believe it or not, there’s quite a few lessons from the game that can be applied to the mortgage industry, and even more specifically, mortgage credit reporting. Here’s a few:

Every stat matters

For those of us who play Fantasy Football, we know that some stats can be misleading. Oftentimes, you’ll need to take a look at many indicators to get a true picture of how valuable a player is. For instance, if a running back had 10 carries for 100 yards, you might consider this to be impressive—until realizing that one of those carries was for a 94-yard run.
The same can be said for your borrower’s credit history. By examining many different parts of the applicant’s history, you’ll be able to identify workable and non-workable situations. Some stats might not tell the whole story. How many inquiries has a particular borrower incurred over the last 12 months? What types of inquiries were they? All this data can make a difference with regards to your lending decisions.

The right mentor can have a positive effect on the team

Say what you will about veteran quarterback Eli Manning, but his connection with the rookie protégé Daniel Jones is a relationship that could have a positive effect on the future of their team. The same goes for the relationship you have with your loan applicant. At the outset, they might not have the score it takes to get the loan, but a little coaching can go a long way.
You can be the positive force that helps your client reach their target credit score. Your knowledge of credit scoring, along with tools that enable your client to see the effects of specific credit actions, can help your client reach their goals. The result can positively impact your bottom line and help put your applicant in a home.

Fumbling on the goal-line can be costly

Late-game blunders near the goal-line have made headlines since the dawn of football. Everyone remembers Pete Carroll’s decision to pass the ball on the goal line a half decade ago. Most would argue this was a careless mistake that cost his team a title.
This reminds us that we shouldn’t get lackadaisical when we think we’ve got the game in our back pocket. This is important in mortgage credit reporting and we see it all too often with lenders who aren’t monitoring risk up until the point of closing. Although applicants are taught about the dangers of opening new credit lines throughout the application process, they still make mistakes, and this late-game activity can jeopardize the loan.

Don’t be the Monday morning quarterback

You don’t want to be the Monday Morning Quarterback when a loan prospect falls through. Protect your loan opportunities by taking the appropriate steps with their credit. 

Matthew Holmes is a marketing specialist with Cordova, Tenn.-based Data Facts. He may be reached by phone at (800) 332-9479, ext. 4312 or e-mail [email protected].

Jan 07, 2020