Alternative For Credit Invisible Borrowers Finds Success
By KIMBERLEY HAAS
A case study by FormFree highlights how one of the nation’s largest independent mortgage lenders is serving the credit invisible.
Leaders at FormFree estimate that millions of adults in the United States are credit invisible or credit unscorable. That makes it difficult for these potential homeowners to qualify for a mortgage.
Manual processes exist to underwrite mortgages for these borrowers but they are seldom used because people without a credit score often assume they cannot qualify for a home loan and industry professionals may be unaware of their options, according to the case study.
To provide loans for qualified credit invisible customers, San Diego-based Guild Mortgage Company introduced a Complete Rate program in July of 2022 that…