One Of The Costliest Mistakes Originators Make Daily

Are you making this costly mistake?

Did you know that one of the most detrimental mistakes to make as an originator is pulling credit too soon in the mortgage process? The minute a client’s credit is pulled, it creates a trigger for your competitors to utilize. Pulling credit too early is an expensive habit (upwards of $40 per credit pull) and decreases the likelihood of securing the deal yourself.

What should you do instead? 

We recommend beginning the process with a soft credit check every time you begin engagement with a client. A soft credit check will tell you their FICO score, debts, and other valuable information. 

What are the benefits of a soft credit check?

It only costs about $3.00 and delays the real credit pull while you work on gaining rapport and building your relationship with the borrower. You will find that you have a quiet moment with the client to understand their needs and circumstances, which helps establish you as an expert consultant who can be trusted. 

It’s crucial to be methodical when you begin the mortgage process. Aside from saving money, delaying the credit pull and initiating a soft credit check ensures you have a higher chance to understand the borrower and they will be committed to working with you.