Qualifying Customers Amidst COVID-19 Pandemic

Learn how the COVID-19 has affected the business economy and how pre-qualifying customers using soft pull credit checks can help mitigate some of the barriers presented by the pandemic.
Cait Lanning

For many people in the world right now it may seem as if our economy is at a standstill, maybe even a slippery slope that’s only going down. What we choose to see at iSoftpull is opportunity and growth even in the uncertainty.

Although COVID-19 might be threatening some of our businesses and personal lives, we must push back and refuse to let it take over our finances. For our mortgage brokers and loan officers specifically, now may seem like an even scarier time because your customers who qualified for a loan just a week ago may now be getting turned away due to the COVID19 pandemic that has forced lenders’ hands when it comes to FICO® score minimums. Now is the time iSoftpull can help you when you need it most.

Here's Why:

Your customers’ credit scores that could’ve qualified a few weeks ago will now get turned down due to having that same exact credit score in our present day.

Using iSoftpull to be able to pull your customer’s credit again with just a name and address and no inquiry or ding to their credit score gives you the opportunity you need most right now to save both time and money in customers who will no longer be qualified for loans they could’ve gotten just a few weeks ago at that same score.

As more Americans lose their jobs and see reduced wages and incomes because of the virus, the risk of financial losses becomes more imminent. Investors who buy mortgage loans will lose out when that happens and take on more risk by lending to lower-credit borrowers which is just not something the lenders who sell to them are interested in. Lending becoming more strict creates the opportunity for more wasted pursuits on customers who simply won’t qualify for loans right now. Don’t waste time and certainly don’t waste your money during times like these and pre-qualify your customer with little to no hassle for both you and your potential client.

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