Allocated Credit Costs
Flex Pay
Having the ability to pay for credit reports in multiple ways can be useful in controlling and lowering business costs. There's no more need to spend money on customers who may not end up closing with you when your applicants can pay for their own credit through functionality of Credex Direct or AppWizard Technology. If you are on the phone with the applicant you can take their credit card information and use it to pull an application through your Credex Direct account.
We recognize that every company has their own process for recouping report costs and some businesses choose not to have applicants pay up front. If this is you then the options available are for each user in an office to have their own login account and be responsible for all charges to the account. There are no more monthly invoices to split up or charge backs by the Owner/Broker to the loan officer for credit report charges.
A company may also decide to pay for the credit reports as an organization. With that in mind, Credex provides the flexibility to establish a company card as the default or selectively decide which loan officer(s) can use it. All billing can be segregated or grouped at your discretion based on your business model.
- Applicant Direct
- Applicants pay for charges up front
- User
- User is responsible for all charges incurred on account
- Office
- An office can maintain billing control for any and all users
- Company
- A company can maintain billing control for any and all offices
Billing Receipts for credit reports reside in your LeadVault for anytime access. Receipts are auto-generated and provided to an applicant through both the AppWizard and Credex Direct.
Problem: Spending Too Much on Credit Report Fees
Tom has spent years building his firm into a well-oiled machine. He can leave the office, and the loans keep coming in. But, in a recent assessment by his accountant, it turns out he's losing thousands annually due to credit report fees. On a per-loan basis, it never seemed like it would matter, but $15 here and $20 there, and before you know, it adds up. How can Credex help Tom save money?
Solution: Borrower or Loan Officer Pays for Credit Reports
Tom may have been getting a great price on credit reports, but if the loan doesn't close, chances are those costs are going to come out of his pocket. With Credex, Tom can manage his credit costs with multiple billing options. When Tom uses Credex, applicants can pay for their own mortgage credit report up front, and he gets their credit report at no cost, even if the loan doesn't close. There are no invoices, reimbursements or billing issues, either. And if Tom wants his loan officers to pay for an applicant's credit report, he can do that too using a personal or company credit card.