Yes, you read it right, through using credit reports, any mortgage broker can possibly earn $18,000 more annually. According to Veda Advantage, this is possible if the mortgage broker will use the services of credit reporting as one of their business methods.
The credit reporting agency got an idea when a mortgage broker wrote at least 30 loans in a year using their services. The credit reports give these brokers enough time to prequalify their prospects to write seven more loans in a year, which is equivalent to an additional $18,000!
“Ordering a credit report early in the loans process allows brokers to focus on high quality business rather than wasting time on loans that may not progress,” Angus Luffman said. Luffman is the head of consumer risk of Veda Advantage. “Poor credit history is a major cause for mortgage application rejection and an applicant’s adverse credit history is a strong predictor of future payment behavior, Luffman added.
In the meantime, most brokers and even aggregators are now ordered by lenders to be strict in their prequalification process. This is to make sure that the applicant’s credit details are updated and correct before the brokers contact the lenders. The more accurate the credit information of an individual they submit, the more financial lenders will pay attention and give preference to these mortgage brokers.
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