When dealing with new clients in the mortgage industry, it is essential that you gain a complete understanding of their credit background before moving forward with negotiations.
Real estate agents don't have the ability to generate these essential reports before showing a client potential houses. This lack of information can become incredibly frustrating for agents and clients alike. An agent may spend weeks or even months doing showings, dinners, appointments, and meeting with a client only to find out they have a too low credit score to qualify and can't be pre-approved for a house.
Using Soft Pull Solutions' software, you can partner with real estate agents to generate leads, provide them with important information about clients, and help clients close on houses much faster.
Types of mortgage businesses we work with include:
This isn't a comprehensive list, and we'd love to answer any questions about your industry and using our services. Give us a call today!
Why Mortgage Brokers Need a Powerful Credit Reporting Solution
There are a ton of ways that mortgage brokers can benefit from utilizing powerful credit reporting software. First, running a soft check on clients won't impact their credit score. Ultimately, this creates a way for both you, your client, and their real estate agent to have a clear idea of what a client's budget may be.
Running this soft credit check can generate the report needed to help clients pre-qualify for the loan they need. Because this check doesn't impact or leave an inquiry on the customer's credit score, it is a simple and effective way to gather this information. This report can also be generated simply through verbal consent without entering any sensitive personal information (date of birth or social security number). Most credit checks require extensive paperwork and can impact the client's score; Soft Pull Solutions removes this excess stress, saving you time and money.
On top of simplifying and making the process more efficient and productive, our credit reports present the necessary information to allow you to evaluate risk. Gathering this information can allow you to gather the necessary knowledge to help you productively move forward, especially when it comes to large purchases like property.
Finally, utilizing our software and custom APIs will allow you to completely customize the software for your business and your business' needs. Because of the time saved through the simplistic nature of running these checks, you can generate more leads, bring in more return traffic, and find more success.
Benefits of Soft Pull Credit Reporting For Mortgage Professionals
The benefits of utilizing our customizable software are endless. The reports can be customized to you and your business to fulfill your needs better and offer you the information you are looking for. We want you to move forward with clients making the best and most informed decisions possible. Because of this, our reports are derived from all three of the most trusted credit bureaus (Equifax, TransUnion, and Experian); you can have complete confidence that they contain the most reliable information available on the market.
Our software allows you to effectively pre-qualify clients for mortgages on their homes. In general, real estate agents can't generate a credit report for a client. This lack of information can be detrimental to closing a home because they may waste time and money showing homes only to find out it is out of a client's budget and that they cannot qualify. Soft Pull Solutions allows you to work with real estate agents, share this information early on, and pre-qualify clients resulting in more successful homes sold. The more happy homeowners you can make through qualifying mortgages, the more business you’ll receive from your partners in real estate.
Two of the most valuable resources within any business are time and money. Unfortunately, it can be very easy to waste both of these. Soft Pull Solutions can help make your business more productive and give you the information needed to make critical financial decisions. It will also save you from spending valuable time and resources on clients that don't qualify.
An invaluable part of Soft Pull Solutions is our ability to help you generate more leads, which ultimately results in more revenue. Clients are able to fill out online pre-qualifying applications, and then you can generate a report and move forward. These reports don't require piles of paperwork, making them simpler to attain. Our software also simplifies and streamlines your business process, meaning you will generate more return traffic and referrals.
How Soft Pull Solutions Can Help Your Mortgage Company
Soft Pull Solutions can help you grow your business by making your process more efficient and straightforward and can also help you generate more leads, more referrals, and result in more return business.
Our customizable software allows you to gather information on your clients that will allow you to move forward with confidence. The information on the credit reports allows you to pre-qualify clients and to know which clients are best to move forward with. It will save you time and money, allowing you to invest in other areas, such as growth.
We have also found that having the ability to run soft pulls on clients with only verbal consent, their name, and address will generate more referrals from real estate agents. Real estate agents want to make sure they aren't wasting their time and money on clients who will not qualify. They will often send you their clients in order to protect their resources. They can't generate these reports themselves, so they often utilize your services, which ultimately benefits you and the client.
Finally, this simple process often results in more return business because it enables all parties to move forward with the necessary knowledge to succeed quickly. It allows you to evaluate the risks, make intelligent decisions, and move forward with the right clients to find success.
The soft pull credit report will enable you and your company to move forward with clients with confidence. But, these additional services can provide you with more information and help you detect any red flags within a client's credit report.
Alternative Credit Data: The information you can glean from this report will help you find more insight into your client's background, history, and financial state. It can also help you understand the risks involved in moving forward with clients more accurately. It allows you to see things like bank accounts, employment status, property, debt payment timelines, rental lengths, and other information that will give you confidence in making decisions regarding a customer.
Automated Income Check and Employment Information: This service allows you to gather information quickly and accurately about a customer's job history, the name of their employer, tenure status, and income. This information is essential when pre-approving someone for a mortgage.
ID Verification and Fraud: This is an accurate and instant verification that utilizes a client's driver's license. It is instant, extremely accurate, and can help you detect any fraudulent activity, red flag alerts, and give you confidence in a client.
Compliance Management: This service allows you to become more organized. When dealing with these reports, it can be challenging to keep everything organized in a way that doesn't require sorting through excessive files. Our compliance dashboard increases organization. This service also sends out any adverse action letters for you, which lowers your labor costs, decreases chances of human errors, and ultimately helps you streamline the process even more.
Utilizing Soft Pull Solutions for your business can help you grow, save time and money, and ultimately make more sales. If you have other questions, set an appointment or call us at (844) 515-1550 today!
Additional Resources
For more information about aspects of our services and how they can help your mortgage company check out these resources: