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Informative Research Announces Availability
of RapidPost Debt Payment Service
LAS VEGAS, WESTERN REGIONAL MORTGAGE
BROKERS CONFERENCE 2004, Nov. 9 – Informative Research,
a leading independent mortgage credit reporting agency announced
today the release of a facilitated debt payment service,
RapidPost. RapidPost is a new service for the industry that
assists mortgage professionals by clearing outstanding debt
from their borrowers’ credit reports so that they
can close loans that otherwise would be severely delayed
or lost.
RapidPost is targeted at a subset of
borrowers with tax liens or outstanding collections. The
borrower may have a high enough credit score to qualify
for a particular loan, but the loan may have a condition
that the borrower cannot have unpaid collection debt. RapidPost
facilitates the payment of that debt, following which Informative
Research can issue a supplement to the credit report showing
that the debt has been paid. Informative Research relies
on their 58-year experience in mortgage credit to build
on relationships they’ve created by working with creditors
like collection agencies to facilitate a speedier resolution
for a borrower who needs to pay off a collection account.
“RapidPost fulfills a need
for mortgage professionals,” said Jeff Lau, Director
of Marketing, Informative Research. “Our commitment
remains to developing services that help mortgage brokers
become more valuable to their clients. With RapidPost, we
are able to assist mortgage professionals in closing loans
that otherwise might be lost due to outstanding negative
debt. We hope that by offering our facilitated debt payment
service, our colleagues in the broker community can help
more consumers into a home, and gain goodwill and referrals
by accomplishing that mission.”
Lenders usually require that outstanding
negative debt be paid at closing. The logistics involved
in expediently paying off such accounts can be challenging
for a consumer, what with the need to get a cashier’s
check, send payment, wait for confirmation that the account
has been paid, and finally, to provide that letter to the
loan originator. RapidPost removes the delay, and pays off
those accounts so that the loan can be approved. It works
by streamlining the payment process. Informative Research’s
customer service team receives a request from a mortgage
originator that they have an account that needs to be paid
off. That originator completes a request form, including
the borrower’s payment method and details, such as
credit card information. Our customer service team works
with their contact at the collection agency to request the
correct payment amount and to confirm the payment information.
Payment is made to the collector, and IR receives a confirmation.
Next, a supplement is issued to the credit report, stating
that the account has been paid. The loan originator can
now continue with the loan approval, and the loan can close.
RapidPost is currently available to a limited selection
of Informative Research customers in the Southern California
area. Customers were chosen to participate in the November
launch of the RapidPost service because of several key factors.
The primary launch includes experienced members of the mortgage
broker community who were approached by Informative Research’s
product development team. These mortgage brokers have expressed
relief that the challenging process of paying off outstanding
debt before closing can be made so simple. Consumers are
busy, and while they are trying to close a loan, they have
less time than ever. RapidPost removes the stress of worrying
over when a collector will credit payment, and how long
it will take. Informative Research can complete the process
in as little as one day.
As RapidPost gains traction with the
broker community, Informative Research plans to offer the
service to a wider customer dispersion. By beginning with
brokers, Informative Research can build upon the relationships
its Account Executives have developed in the Southern California
broker associations, and receive solid feedback on the benefits
of this new service. The next expansion will include those
customers who have asked for ways to incorporate RapidPost
into their workflow, as well as introduce the service nationally.
About Informative Research
Informative Research is a privately
held information provider, servicing the mortgage lending
industry since 1946. Informative Research was founded to
provide research services aimed at reducing the risk faced
by the banking and lending community. During its 58-year
history, IR has evolved into one of the nation’s recognized
leaders for full service mortgage information services,
distinguished by its implementation of technology and its
Commitment to Customer Excellence (C2E), which emphasizes
extraordinary relationships with the lenders, brokers, and
agents involved in the loan process. For further information
regarding the benefits of working with Informative Research,
please contact us at 714-638-2855, or visit http://www.informativeresearch.com.
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registered trademarks are the property of their respective
holders.
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