Creditxpert Announces Launch Date For New Credit Optimization Platform

CreditXpert, a leading mortgage technology company, announced on Wednesday the launch date for its new credit optimization platform. The company will replace its What-if Simulator and Wayfinder tools with the new platform on Dec. 31.

CreditXpert seeks to take a different approach when addressing homebuyer credit profiles. Instead of focusing on credit repair, the company takes it a step further with credit optimization, which benefits more applicants on a shorter timeline with improved predictability and accuracy.

The new credit optimization platform will combine the best parts of the What-if Simulator and Wayfinder tools, giving mortgage professionals the power to reach more clients and close more loans. CreditXpert developed the platform to cut down loan filing timelines.

According to CreditXpert, the new platform is already connected to all credit reporting agencies, along with hundreds of mortgage lenders and more than 50,000 mortgage professionals.

CreditXpert CEO Jim Hemmer said that shifting market demands motivated the company’s choice to move on from Wayfinder and the What-if Simulator.

“Today’s top originators kept asking for a more advanced platform that would allow them to scale their credit optimization programs,” Hemmer said in a statement. “Top on their list was the ability to build precise and trustworthy three bureau plans with the click of a button. This helps originators recommend the most efficient plans to their borrowers while limiting rescores on the back end,.”

Mike Darne, CreditXpert’s vice president of marketing, told HousingWire in a recent interview about the platform’s usefulness for borrowers on cusp of qualifying for a loan.

“We know that more than 50% of those rejected for a low credit score by a conforming lender could get to a qualifying score within just 30 days. That said, we also know that nearly 80% of those with initial scores below 780 could improve their score by at least 20 points in that same 30-day period,” Darne said.

The What-if Simulator and Wayfinder tools made their marks as valuable credit optimization tools. The first arrived on scene in March 2003, giving mortgage professionals the power to evaluate the weight of trade-line adjustments on borrower credit scores.

Years later, in 2018, the newly unveiled Wayfinder platform automated credit optimization for loan officers. Wayfinder also pioneered a “likelihood score” that shows how likely a borrower is to reach a target score in specific time frame.

CreditXpert stopped offering the Wayfinder tool and What-if Simulator on Oct. 1 in preparation for the launch of the new platform. The company said it has analyzed 1 billion credit pulls since 2001 and serves more than 60,000 industry professionals each year.