ScoreApprove has launched a new flagship product designed to help real estate agents avoid lost time pursuing unqualified leads, by giving homebuyers—and agents—instant access to a free home buying assessment and home financing certificate that includes the homebuyer’s TransUnion (TRU) credit score, maximum loan amount they may qualify for, and a credit grade in an easy to understand letter format.
Loose lending guidelines in the early 2000’s have led to a much different, more restrictive landscape in today’s lending marketplace. According to Bankrate, Inc. on average 30 percent of all new mortgage applications are turned down. While some are denied due to appraisals, many are denied due to credit or debt-to-income issues that could have been avoided.
These failed transactions can be issues for both real estate agents and lenders, with agents often spending weeks with a potential home buyer only to discover their prospect doesn’t qualify for the loan amount they need, if they even qualify at all. These financing problems not only create a strain on the real estate community in terms of lost productivity for both agents and lenders, the massive delays also impact sellers and the buyers who actually do qualify.
ScoreApprove is able to solve this problem by giving agents and lenders a snapshot of their prospect’s purchasing power – incorporating financial and actual credit data – before the shopping process even begins. Agents can use the information to determine which leads are most qualified by automatically assigning a letter grade and the actual dollar amount they are likely to qualify for. ScoreApprove helps agents focus on prospects with higher purchase ability, making their business more efficient while helping to drive earning potential. Assessments are fast and easy with agents and lenders receiving instant notification when an assessment is ready.
CEO Mike Brown says the exclusive service is the most effective option available to solve this industry concern. “With mortgage restrictions tighter than ever, agents can waste weeks or months chasing dead-end leads. ScoreApprove provides homebuyer financing capabilities instantly, allowing agents to distinguish between qualified leads and dead-end leads.”
For more information, visit https://agents.scoreapprove.com/