Credex Product Review

Ever heard of the Puppy Dog Close? It’s a sales tactic utilized extensively in a retail sales environment. You may have been closed this way as a consumer while shopping for cars, home theater equipment… puppies. Basically the salesman devises a way for you to take the product home for a while, and see if the product is right for you. Once a consumer takes ownership like this, they rarely give it back. Circuit City’s 30 day “no questions ask” return policy is built around this premise. I’ve often wondered how a mortgage broker could take advantage of the puppy dog. Taking home a 1003 just doesn’t have the same appeal. After talking with Athena Morrissey of Credex, I think I have found one.

Credex uses a credit report to help convert visitors on your website into originations. They offer a full credit report, ordered and paid for by the consumer, that comes to you as well. This is a full tri-merge report that can be used for automated underwriting in the borrowers credit file. The advantages to this system are many.

From a consumer point of view, they visit your site, decide to order their own credit report online, then get a follow up call from a mortgage professional (you). They get the advantage of knowing where they stand on their credit before having to fully commit to a mortgage. Because consumers who search for mortgages on the net are also typically craving informative content, the ability for them to pull their own credit is very appealing.

From a loan officer’s standpoint, you get the ability to add lead capture to your basic web site or blog. You offer a value added service to your readers, and because they have already paid for the credit, they are sitting at home with their new “puppy” when you call them.

Credex works from a secure online back-end system. The primary user gets administrative powers, 5 licenses, the ability to order credit through Credex direct, and a full copy of every credit report ordered by web visitors along with some basic information about what type of loan they are looking for. When a credit report is ordered, Credex also sends out an email alert or text message to the LO’s cell phone with this basic info for a speedy follow up, regardless of whether or not the LO is in the office.

The system is currently $499 a year. That includes five licenses (five LO’s), and more can be ordered. Consumers pay $15.95 for a single report, or $17.95 for a joint (married) report. This would be a great added benefit for a broker to give to their LO’s. The advantages as a lead capture system are obvious, but the savings on ordered credit reports should also be considered. Because the consumer is ordering the full credit report from Credex, you save on billing hassles and on paying for all of those reports that never turn into a deal.

Best of all is the fact each and every lead generated by this system was interested enough in a mortgage to make a financial commitment to see their credit. These are real leads that have already visited your site and know who you are. Convincing them to move forward is now as easy as convincing someone that the puppy in their back yard should become a permanent member of the family.

Mortgage Industry Professionals. Like what you see?
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