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It's no secret that inflation has hit home for the middle class. With inflation rising 9.1% in June, prices continue to increase, and the brunt of the blow continues to affect the average American household. This has caused a spike in credit card utilization for consumers, which can lead to the treacherous road to escaping compounding interest rates that generally exceed 20%. Borrowers with lower home values and or credit scores experience the pain of inflation.

Loan Officers - Time to Put on Your Superhero Cape

Cash-out Illustration-1

Our lender partners can help borrowers reduce or free themselves from the burden of these debts entirely. With the Cash-Out alert, lenders can set revolving debt and credit settings within the platform to highlight borrowers that may be feeling inflation pains, making it 100 times easier for lenders to reach out and have a relevant conversation about current borrowers' woes.

Even if a borrower isn't ready for a Cash-Out refinance or a HELOC, this is an extraordinary opportunity to get in front of borrowers to establish or fortify your LOs as trusted advisors to your customers. By simply reviewing a borrower's mortgage and financial health using the Cash-Out alert, LOs can:

  • Provide borrowers with positive alternatives.
  • Predict their next loan and how to maximize their equity positions.
  • Relieve a borrower's financial stress and worries.
  • Stay ahead of other lenders and shifts in the market.

 

Intelligence and Intent Matter

With inflation and rates peaking, now is the time for lenders to reach out to their customer base and provide clarity and answers; all while anticipating the next time a borrower can benefit from their position in the market. With Prescriptive Scenario alerts like Cash-Out, Rate and Term as well as FHA MI Removal, Sales Boomerang can give your team the intelligence it needs to get “at-bats” in a challenging market. 

The power of real-time intelligence Sales Boomerang can provide your LOs will no doubt increase relevant conversations with borrowers with high revolving debt, less than perfect credit, and those borrowers who are currently experiencing inflation pains. If you were there for borrowers when rates were low and inflation wasn't an issue, you should also be there for them in these more stressful circumstances. Sales Boomerang can make it easy for you to help your borrowers navigate the new challenges of rate hikes and inflation and help you stay ahead of the next trends.