CreditXpert Inc. has released its CreditXpert 10.2 software update. The release includes improvements to CreditXpert What-If Simulator, a tool that gives loan originators the ability to forecast clients’ credit scores after simulating the impact of complex actions or pending activities, allowing them to make more informed decisions and work with borrowers to secure a mortgage or better rate.
With the latest update, users of CreditXpert What-If Simulator will receive an automatic notification flagging when a credit score forecast is expected to be negatively impacted by the passage of time. The alert is generated using data already in the credit report that could affect the score in the near future, such as a recent mortgage or auto inquiry that may start counting after the 30-day mark.
“Knowing a score is likely to drop soon helps mortgage loan originators proactively mitigate issues so they can get the results they expect each time,” said Dave Chung, co-founder and managing director of CreditXpert. “Our CreditXpert What-If Simulator ‘power users’ currently check this manually. The new automatic notification feature eliminates this step and reduces surprises for all users, saving them time and rescore fees.”
The CreditXpert 10.2 software update also provides new functionality that changes the way CreditXpert What-If Simulator users can simulate various outcomes when attempting to remove an authorized user from an account.
“We developed these updates based on our customers’ feedback as they work to create highly reliable plans for borrowers,” said Rosa Mumm, product support manager of CreditXpert. “The new features strengthen the ability of resellers and mortgage loan originators to provide better service to their clients. At the end of the day, that’s what it’s all about.”