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CreditXpert Inc. has announced the addition of TrendScape to its suite of credit analysis tools, helping mortgage loan officers and underwriters quickly and easily make sense of the new trended credit reports, many of which now include more than a thousand new data points.
Trended credit data, detailed historical information provided for each line of credit, is changing underwriting, which previously relied on a static analysis of credit. This loan origination sea change can present challenges for loan officers and underwriters as they work to best serve both their companies and applicants.
TrendScape, now part of CreditXpert 9, analyzes and interprets large amounts of data, enabling lenders to quickly spot trends tied to clients’ credit behavior. It then delivers that critical information in plain language, on the first page of every credit report.
“Trended data is the new normal in mortgage credit reporting, providing an opportunity to better understand applicants’ true credit behavior,” said Dave Chung, managing director of CreditXpert Inc. “But it may not be readily apparent exactly why applicants are denied loans based on this data. TrendScape makes sense of this new world, presenting insights to loan officers and underwriters in a digestible way. Armed with that intelligence, they’ll be in a better position to quickly discover opportunities for applicants.”
TrendScape, which comes as an add-on with every trended credit report, offers unmatched benefits to users by:
►Automatically analyzing credit reports: Shows immediately on the first page how applicants are trending.
►Finding and forecasting trends: Alerts loan officers and underwriters to important behaviors and uses trend data to forecast key credit score changes.
“Our team of data scientists built TrendScape because we know loan officers and underwriters don’t have the time to cull through trended data reports to identify opportunities for their customers,” said Peter Fitton, product manager for CreditXpert Inc. “TrendScape empowers users to take advantage of all the new data in trended credit reports so they can put the data to work and focus on what they do best–closing more high-quality loans.”