Power Profile Plus was immediately adopted by the nation’s largest mortgage lenders. It effectively reduces costs for lenders while benefiting consumers — a win-win, and a key element of Experian Housing’s mission to provide solutions that elevate the lending experience.
Lenders can access a full credit report as a soft inquiry on an initial mortgage application, giving both parties time to align on terms and make informed decisions about the structure of their potential transaction without outside pressure from competing organizations. And for VA Interest Rate Reduction Refinance and FHA Streamline Refinance loans, a soft inquiry is all that’s needed to close the loan, so lenders never have to take it further. Obtaining a full, up-to-date credit report at the start of the relationship minimizes the concern borrowers have about having a hard credit inquiry posted to their credit report while mortgage shopping, and establishes trust.
Lenders using Power Profile Plus can significantly elevate their business performance. Minimizing unsolicited outreach to prospects from competitors during initial engagement reduces marketing costs and increases conversion rates by protecting their hard-earned leads. And loan officers only need to pull borrower data under one permissible purpose, an extension of credit, thereby streamlining their process.
This product has already had a sizable impact on the mortgage industry. Mortgage lenders responded to the product for its ability to simplify process management while mitigating costs. The development of Power Profile Plus highlights Experian’s role as a true partner with the ability to elevate the way business is done.
Company Website:
Markets Served:
Loan Origination
Company HQ:
Costa Mesa, CA
