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HOPE NOW: 545,000 sub-prime mortgage holders help in second half of 2007

Apr 09, 2008

Credit Plus helps mortgage professionals' borrowers obtain credit scores they need for refisMortgagePress.comCredit Plus, credit scores, ScoreWizard, Steve Grant, FHA Credit Plus, Inc. has announced that mortgage professionals can increase their closing rates on refinance applications by properly educating potential borrowers on how to raise their credit scores. Through its proprietary scoring tool, ScoreWizard, more than half of applicants in the 660 to 679 score band can obtain a score of 680 or more, the number needed to qualify for most prime mortgages. "Currently there is a lot of credit activity for refinancing. Unfortunately, there is not much success as many potential borrowers are being turned away because their scores are not high enough. Were working with mortgage professionals so they can help those applicants qualify for a better rate," said Steve Grant, president of Credit Plus. According to The Wall Street Journal, the FHA has received 287,000 refinancing applications and has closed on 117,000 mortgages since September. Through Credit Plus scoring tool, ScoreWizard, mortgage professionals can review negative and positive factors influencing the credit score. The program provides recommendations on how to improve the persons score including a What If Simulator wherein certain actions such as removing accounts and correcting errors can be explored. In addition, Credit Plus Score Plus department updates and rescores credit files in as little as 72 hours. To help educate mortgage professionals, Credit Plus offers free, one-hour online training sessions. Topics covered include how to properly read a credit report, how to use ScoreWizard, and advice on how to increase credit scores. For a class schedule, please log-on to or e-mail [email protected].
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