IMX Exchange considers conventional loans for a borrower with a qualifying credit score of 620 or lower to be subprime. Since pricing and processing of these loans are more complex, IMX Exchange requires that an online credit report be pulled whenever a subprime loan is posted. The results of the online credit report are made available to the broker posting the loan. Before a loan is locked, lenders have access to selected credit information from the online credit report needed to help them price the loans. Confidentiality of the borrower is maintained. Once a loan is locked, the winning lender is granted access to the same information available to the broker who posted the loan.
Complete the Credit Information portion of the new loan or view loan Borrower section.
If the Qualifying Score is less than 620, place a checkmark in the Pull Credit Report checkbox on the same page.
Complete the rest of the fields as normal and post the loan.
Click Check Bids to change sections in IMXBroker. If the loan doesn't appear in the Pending Bids section, click No Bids. Unless you've already accepted a bid, the loan will appear in either of these section.
Select the loan and click Credit Detail. A window appears showing the results of the online credit report.