New Lending Hand program launched by Credit Plus

New Lending Hand program launched by Credit Plus

March 19, 2010

Credit Plus Inc. has announced the introduction of Lending Hand and Lending Hand Express, new programs designed to help lenders provide solutions for applicants who have been turned down for mortgage loans due to not reaching credit score minimums. “Lending Hand and Lending Hand Express enable lenders to guide and monitor applicants in obtaining the credit scores they need to qualify for mortgage loans,” said Greg Holmes, national director of sales and marketing for Credit Plus. “Our customers can review previously pulled credit reports within certain score thresholds to identify prospects most likely to benefit from the programs and tap into already paid-for data to generate additional revenue.”
Credit Plus reps evaluate each file and provide in-depth analysis and file-specific advice through its Lending Hand program. The seasoned staff then evaluates the impact of various decisions on the loan scenario and deadline, and develops several personalized action plans for the lender and client to review.
Lending Hand takes the process two steps further, periodically following up with the lender to ensure they monitor the applicant’s progress and then notifying the lender when the applicant is ready to move forward. Lending Hand Express is a less comprehensive program designed for lenders who want only the additional analysis and recommendations, and none of the follow-up.
“These new tools really work,” said Holmes. “We used Lending Hand or Lending Hand Express to re-review a sampling of 500 loan applications that were declined due to low credit scores, and through these innovative programs, 83 percent of those borrowers could have reached their target credit scores. Both lenders and borrowers will be pleased with the results they experience from our Lending Hand program.”
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