Mortgage Action Plan™

Mortgage Action Plan™ takes your borrowers from "Denied" to "Approved" allowing you to Close More Loans!

Overcoming Challenges in Mortgages and Consumer Finance
with Mortgage Action Plan™ - a product from ScoreNavigator

Mortgage Process

If you interested in using Mortgage Action Plan™ to close more loans or you would like more information about how we can maximize your borrowers' credit scores, please reach out.

The current issues that are plaguing credit-reliant industries and how we can be a game- changer in addressing these challenges. What Challenges Are Mortgage Loan Officers Facing? 2023 has been a year of trials and tribulations for the mortgage industry as a whole. Rising interest rates and decreased applications are just a few of the issues holding them back from seeing as much success as they have in the past.

Mortgage loan officers operate in an environment that’s heavily influenced by economic fluctuations, regulatory changes, and customer expectations. Recently, the industry has also seen increased scrutiny and tighter regulations, making it more difficult for loan officers to navigate compliance hurdles. One of the more prevalent challenges we’re seeing is the need for efficient credit solutions.

Mortgage loan officers are seeking ways to enhance client creditworthiness without violating regulations or compromising ethical standards. This is where ScoreNavigator's innovative Point Deduction Technology® comes into play. This one-of-a-kind technology focuses on identifying and mitigating negative credit factors while providing options for the future. It offers a nuanced approach that still aligns with industry standards and regulations.

In addition to this effective solution, we created the Mortgage Action Plan™, a product of ScoreNavigator tailored for the mortgage industry, which offers a comprehensive strategy for loan officers. This plan goes beyond any traditional credit program or service, providing a structured pathway for addressing credit issues and increasing the chances of mortgage approval. This is just one of many mortgage solutions that we have to offer.

Overcoming Consumer Challenges
with Mortgage Action Plan™ - a product from ScoreNavigator

Consumers, on the other hand, face their own set of challenges when it comes to securing loans or financing. Economic uncertainties, job instability, and unforeseen life events impact credit scores, making it challenging to access favorable lending terms.

Especially with the state of the economy at present, it has become harder than ever to remain on top of personal finances. For those shopping for homes and vehicles, in particular, interest rates are making it difficult to make any large purchases, regardless of money in the bank. Credit scores are one of the largest factors considered when it comes to these investments, and without a solid score, the odds of approval are slim.

Consumers should always have a game plan when it comes to their finances, and this can be difficult, especially without prior education or specialization. Many people may find themselves in situations where they maintain decent enough credit scores but are inundated with a high debt-to-income ratio (or DTI). This is where the Mortgage Action Plan comes into play. MAP offers a strategic game plan by pinpointing which accounts require the most attention and putting together an action plan to pay them down. This targeted approach results in lowering the DTI, providing consumers with a tangible strategy to improve their financial standing. In return, they can see their approval odds skyrocket.

Overcoming Consumer Challenges

If you interested in using Mortgage Action Plan™ to close more loans or you would like more information about how we can maximize your borrowers' credit scores, please reach out.

At ScoreNavigator, we understand the sensitive nature of credit concerns and provide consumers with access to simulators that empower them to explore various financial scenarios. Through this tool, consumers are able to make informed decisions, understand the potential impact of financial choices, and work towards a more secure credit future. At ScoreNavigator, we're committed to providing innovative solutions, as evidenced by our Point Deduction Technology® and Mortgage Action Plan™. As we continue to navigate the current economic conditions, we help our customers find peace in their ability to understand and demystify the state of their credit.

Discover what makes Mortgage Action Plan™ unique.

Interested in using Mortgage Action Plan™ to prequalify your Mortgage Loans? Click Here To Contact Us Today

Tradelines Report

The Tradelines Report details all the specifics of each of the tradelines in a tri-merge format including ScoreNavigator's own Point Deduction Technology®. Accounts are separated grouped by type: positive, negative, collections and public records.

Tradelines Report

Recommendations Report

The Recommendations Report details recommended actions for both positive and negative accounts, including the estimated point deduction for each action. Actions include paying down balances, reporting actual credit limits, checking for inaccuracies, and more.

Credit Summary Report

The Summary Report details a complete Credit Summary, a Payment History, and an account specific instructions, such as the best date to make payment, current and ideal balance ratios, and more.

Credit Factors Report

The Factors Report details up to four negative credit factors. The reason code and description are readily available, but ScoreNavigator provides enhanced factor codes, including factor explanations and actions need to be taken in plain terms. Positive Factors are given where available.

Scenarios Report

The Scenarios Report details two point improvement scenarios for each of our own Target Score Simulator® and our Money Simulator.

Why Use Mortgage Action Plan™?

How important is Point Deduction Technology®?

ScoreNavigator's Point Deduction Technology® is nothing short of a paradigm shift in credit report analysis. This proprietary technology employs a sophisticated algorithm that goes beyond the surface-level assessment of credit reports, offering a granular analysis of each item's impact on the overall credit score. By assigning a point deduction value to both positive and negative report items, it provides users with a clear, numerical understanding of what's affecting their credit and how.

The application of Point Deduction Technology® enables ScoreNavigator to deliver a level of detail in credit report analysis that is unparalleled. This analytical depth allows users to identify specific factors influencing their credit scores, including errors or discrepancies that could be rectified to improve their credit standing. Unlike conventional credit reporting services, which often leave consumers guessing the impact of individual report items, ScoreNavigator demystifies credit scores through transparency and precision.

For loan officers, the Mortgage Action Plan is a transformative tool that enhances the efficiency and effectiveness of the mortgage pre-approval process. It serves as a digital consultant, offering insights that enable loan officers to make informed decisions quickly. By having access to a detailed analysis of an applicant's credit health, loan officers can easily identify viable candidates for mortgage approval, thereby streamlining the qualification process.

This plan significantly boosts the qualification rates of clients by providing a clear blueprint for credit improvement. Loan officers can guide their clients through the recommended steps, fostering a collaborative relationship that extends beyond mere transactional interactions. This collaborative approach not only enhances client satisfaction but also contributes to a higher success rate in mortgage applications.

Moreover, the efficiency gained through this process allows loan officers to manage their time and resources more effectively. By reducing the amount of time spent on each application, loan officers can focus on delivering personalized service to a larger client base. This not only improves productivity but also enhances the overall customer experience, setting the stage for increased referrals and a stronger reputation in the competitive mortgage industry.

Untested Scoring Formulas

Unlike other scoring algorithm products, Point Deduction Technology Software was created for individuals not just companies to get a better understanding on how the individuals score is derived. With credit scoring ranging from 300 to 850, there are 550 points to analyze.

Even if all credit data regarding consumers held at credit repositories were accurate, complete, and current, there would be significant concerns about the fairness of automated credit scoring programs. Converting the complex and often conflicting information contained in credit reports into a numerical shorthand is a complex process, and requires a significant number of interpretive decisions to be made at the design level. From determining the relative influence of various credit-related behaviors, to the process used to evaluate inconsistent information, there is a great potential for variance among scoring system designs.

Inaccurate Credit Reports

A Federal Trade Commission study of the U.S. credit reporting industry found that five percent of consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance.

Overall, the congressionally mandated study on credit report accuracy found that one in five consumers had an error on at least one of their three credit reports.

"These are eye-opening numbers for American consumers," said Howard Shelanski, Director of the FTC’s Bureau of Economics. "The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don't, they are potentially putting their pocketbooks at risk."

The study, in which participants were encouraged to use the Fair Credit Reporting Act (FCRA) process to resolve any potential credit report errors, also found that:

  • One in four consumers identified errors on their credit reports that might affect their credit scores;
  • One in five consumers had an error that was corrected by a credit reporting agency (CRA) after it was disputed, on at least one of their three credit reports;
  • Four out of five consumers who filed disputes experienced some modification to their credit report;
  • Slightly more than one in 10 consumers saw a change in their credit score after the CRAs modified errors on their credit report; and
  • Approximately one in 20 consumers had a maximum score change of more than 25 points and only one in 250 consumers had a maximum score change of more than 100 points.
Target Score Simulator®

Point Deduction Technology Software determines the impact errors and omissions cause and provides remedies to recover some or all the lost points back.

Target Score Simulator is an innovative product allowing you to enter a target score and based on credit data will provide a plan to achieve the score.

The Score Simulator extracts your credit data and adds the assigned point deductions. This information, along with the ability to change the status of each account, allows you to build a plan through several scenarios enabling you to capture and/or build points.

It's important to be provided with necessary recommendations in order to maximize your score.