Credit Plus, Inc announces enhancementsMortgagePress.comcredit information, plug-in, ASPECT, pre-qualification, mortgage professional
Credit Plus, Inc., a provider in the credit information industry
since 1928, announces enhancements to ASPECT, a Web site plug-in
that provides private label credit reporting from a mortgage
lender's Web site. The application allows a potential borrower to
obtain a credit score analysis outlining the factors affecting the
score. It also provides access to the credit score delivered in
compliance with FACTA through a separate "Notice to Home Loan
Applicant."
"A mortgage company has to be willing to change the way it does
business, especially in these trying economic times. ASPECT is a
helpful tool that gives mortgage professionals a cost-effective way
to pre-qualify their customers, saving them up to 80 percent on
their credit invoices. Our recent upgrades to the system also make
the process more efficient," stated Steve Grant, president of
Credit Plus, Inc.
The ASPECT plug-in carries benefits for both the borrower and
lender. Since the borrower pays for the credit report up front, it
decreases the lender's credit reporting costs by up to 80 percent.
And, since borrowers receive an analysis of their credit report,
they have the potential to implement changes to their finances that
may positively impact their scores, allowing them to obtain better
interest rates.
"ASPECT is an extremely effective planning tool that saves so
much time while reducing operating costs. And, it gives clients the
ability to see what they can do instead of guessing what to do. It
changes the way people think. It gives people hope," said Alan
Yanovsky, branch manager at Precision Funding Group in Southampton,
Pa.
Updates keep mortgage professionals in
compliance
ASPECT now boasts two enhancements, including the introduction of a
default verification email to the potential borrower. This email
contains a receipt for the purchase, a link to return to the credit
score analysis that can be accessed for up to 30 days, a link to
order a free consumer credit report, plus a link to opt-out of
pre-screened offers of credit. Opting out can prevent an applicant
from appearing on trigger lists. In addition, the mortgage
professional the borrower is working with receives an email
notification referencing the credit report and score analysis for
evaluation and processing. The customer does not receive a consumer
credit report through ASPECT; rather, the mortgage professional
will obtain the mortgage credit report to be used for processing.
The second enhancement is the addition of a FACTA disclosure to the
email. The inclusion of this disclosure automatically keeps the
mortgage lender in compliance.
"Many times, a mortgage professional takes an application and
pulls a credit report only to find out that the customer does not
qualify for a mortgage, losing the money invested in obtaining that
report," said Grant. "With ASPECT, a mortgage professional can
direct his or her customers to the lender's website and
consequently receive the scoring information, which is paid for by
the customer upfront."
For more information, visit www.creditplus.com.
