Vancouver, Washington--(Newsfile Corp. - July 20, 2022) - Creditworthy, an online training program developed for professionals in the mortgage industry, has been launched by Incite Strategies, a leading provider of credit and debt management services for consumers. Designed specifically to help mortgage brokers and loan officers decrease the number of mortgage application rejections, the five-hour course was developed by industry thought leader Ivory Becker and is available for download from the firm's website.
Creditworthy helps mortgage professionals write more loans
Operating as a division of Incite Strategies' credit consulting business, the training program fulfills Becker's long-term ambition of disrupting the "credit repair" industry with proven techniques to improve FICO scores by focusing on the fundamentals of the consumer's credit profile.
"The fact is consumers are better served having a third party discover the factors keeping their FICO score down and forcing Equifax, TransUnion, and Experian to adhere to the Consumer Credit Protection Act Of 1968 and other federal laws designed to protect their rights," Becker said from her Vancouver, Washington office.
Developed by Fair, Isaac and Company in the 1950s, FICO is the universally used scoring system to measure a consumer's creditworthiness which largely determines interest rates lenders will offer borrowers.
As interest rates rise, mortgage professionals are seeing loan applicants with lower FICO scores face increasingly less competitive loan terms. Leveraging her years of experience in regulatory compliance, default, finance and insurance to develop the Creditworthy course, Becker said it teaches techniques which can be used by any lender or business which needs to qualify consumers for transactions based on credit.
"When it comes to credit, a substandard score costs individuals and families billions in unnecessary interest rates every year, a disadvantage which becomes even more serious during times of inflation and high housing prices. Sadly, roughly 65% of mortgage applicants don't make it to closing with the primary reason often being credit related."
Ivory Becker, CEO of Incite Strategies
"During my career working at one of the nation's largest banks I learned the 'behind the scenes' workings of the lending industry, from regulatory compliance, underwriting and loan processing procedures, and exactly which factors can affect the chances of a borrower being approved or rejected," Becker said.
In contrast to debt settlement firms which charge consumers fees to negotiate credit card balances, which typically result in the closure of the account and harm to the client's FICO score, Incite Strategies works to remove inaccurate and out-of-date items at the three major credit reporting agencies. The overarching goal is to prepare borrowers to secure the home loan they want at a more competitive terms Becker stated.
"Our Creditworthy training program shows mortgage professionals how the credit reporting system actually functions so they can help borrowers have a better chance of having their loan approved," she added.
"Unfortunately, there is a lack of education available on how debt and credit scoring work. These are things not taught in school or in the workplace, even if you work in the financial services industry. Creditworthy rectifies that by providing this information and effective techniques in an information packed six-hour course."
Watch Ivory Becker's recent appearance on the War Room Round Table:
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