Blend has released a game-changing soft credit inquiry tool for mortgage lenders. This new feature allows lenders to access borrowers’ credit scores and financial data while also helping them control fees. Soft credit inquiries, or pre-qualification inquiries, are available to lenders at no cost from the credit bureaus. They involve users providing minimal information about themselves and allow lenders to assess the borrower’s financial integrity and creditworthiness without starting a full credit report.
The mortgage industry is now subject to higher credit report fees and so, Blend’s new soft credit inquiry option is timely and beneficial. This feature offers lenders an effective way of obtaining information about potential clients without paying for their credit report. It also enables lenders to automate the entire process of pre-qualifying mortgage applicants while meeting the standards set by the lenders’ corporate policies.
Key Elements of the Text:
• Blend has launched a soft credit inquiry tool
• The mortgage industry is facing higher credit report fees
• Soft credit inquiries are available to lenders at no cost
• Allows lenders to access borrowers’ credit scores and financial data
• Automate entire process of pre-qualifying mortgage applicants
You can read this full article at: https://www.housingwire.com/articles/blend-launches-soft-credit-pull-function-for-lenders/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
