Rapid Rescore Success

I recently had a client with a FICO mid score of 497. As many of us in the industry know, anything under 500 is a hard equity loan with a maximum 65% LTV and an interest rate around 12% plus points up front.

I discussed the benefits and risks of the rapid rescore option with my client.  We decided to go for it.

After about 5 days the rescore was posted and the 497 FICO mid score improved to 512. Now my client has a mid score of 511.

This is significant to me as a loan officer as it enables me to get my clients in a better financial position and ultimately I will close more loans as a result.

The rapid rescore option does not just apply to people with low FICO scores. It can be used at all levels of credit rating to improve the borrower’s situation.

Ashley C.