Two Ways Soft Pull Technology Will Grow Your Mortgage Business
Like many new financial technologies, here at iSoftpull, we’re trying to disrupt and change the mortgage industry forever. The way we are attempting to do this is through the use of soft credit checks to provide mortgage brokers and loan officers with instant access to their customer’s credit report and FICO score, using only a name and an address, and without leaving a credit inquiry.
While soft pulls have existed in the credit world, there was no vehicle to deliver that information for a while. As the mortgage industry has gotten more and more competitive, it really pushes loan officers to use the most up to date technology to get an edge over the competition.
Using software that allows you to do soft pulls can give you an advantage over other loan officers for two reasons:
1. Quality Lead Generation
Soft pulls allow for the loan officer to check to see if a lead or a potential client is worth pursuing. Since all you need in order to do a soft credit check is a name and an address, this will allow for the loan officer to quickly determine how much potential business this lead would bring in. This process of pre-qualifying some of the leads will allow loan officers to get a better understanding on which clients are worth pursuing and which ones are not. The other nice part about all of this? It can be easily integrated into your website and this can serve as a marketing tool if your website gets a lot of traffic on a daily basis.
2. Increased Retention Rates
Because people are not moving houses as often as they used to, this forces everyone in the real estate industry to nurture all their relationships with leads / potential customers. Having a soft credit check system in place with your business practices will allow you to see if someone is qualified before allocating a lot of time to them. If they are not qualified, you can take that lead and nurture it. Even if they don’t qualify right now, they might qualify in a year from now. Use your connections as a loan officer to have someone help them fix their credit and then return to you when they are qualified and ready to buy.
To find out more about how soft credit checks can help your current mortgage business, click the button above and we’ll connect you with a specialized rep for your industry.
We would love to show you how our financial technology is the right fit for your business.
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