A lender can prequalify a borrower any way that they see fit. Using Revvin flexible blueprints we can create any flow, and apply a range of criteria as required by the lender.
The borrower can go through multiple steps (tasks) when providing information for their application to gradually get ready for pre-qualification.
Revvin can set up a number of defaults for the lender that will allow them to send the applications to an AUS at any point in the application process, even if some information is missing. We can set up assumed values for the following fields id missing:
- Assumed loan amount
- Assumed zip code
- Assumed credit score
- Assumed product and rate
All of the above can be added as a defaults that will be replaced with actual data as the borrower fills out the application. We can also set up the flow so that the above information is always entered by the borrower before a letter is generated.
Our system is very configurable and can take multiple findings into the equation that determines whether to issue a letter or not. At any point in the application flow the lender can ask us to run 1 or multiple integrated AUS systems and return the pre-qualification to the borrower based on the results.
Most of our lenders do not show decisioning. If the borrower does not qualify the application their application process will continue as normal.
Example: in the below screen the borrower has completed a full application, run credit and picked a product and pricing. After that, an AUS was run and the borrower was deemed eligible. Because of that, we show the Pre-Qualification Letter follow-up task.
In the Lender Hub the LO can adjust the details in the letter to suit the borrower’s needs when making an offer. In the screen below the LO has chosen to change some of the criteria for the Pre-Qualification letter, and has generated a second letter (the top row).
The LO has the option to send the letter to the borrower by clicking the Send to Borrower button. This will result in the borrower seeing a Pre-Qualification Letter task in the Borrower Hub. The borrower will also receive a notification email with a link to the task. The LO can also download the letter as PDF and provide it to the borrower via email or other means.
The PDF letter that the borrower receives is displayed below. Each highlighted area below represents a section that can be customized. The customizations are global for each site and will be applied to all pre-qualification letters generated from that site.
Explanation of the areas:
- 1.Disclaimer above the header - this is an optional disclaimer in small letters that can appear above the header
- 2.Header - the header contains a logo and can have a background color that will cover the entire dashed area. By default the logo and the background color will be the same as configured for the Borrower Hub. If desired, a different logo and background color (or no color) can be used for the pre-qualification letter.
- 3.Header content - optionally content can be added to the right side of the header. It could be text or image.
- 4.Disclaimer below the header - this is an optional disclaimer in small letters that can appear below the header and above the borrower's address.
- 5.Title - the title by default says "Congratulations!" but can be changed to say something else, or be removed completely. The color of the title is the same as the main brand color for the site, but can be customized to be different.
- 6.Intro paragraph - one or more paragraphs that appear before the loan details table.
- 7.Closing paragraph - one or more paragraphs that appear after the loan details table.
- 8.Signature - if an LO is assigned to the application, their name, title, phone, email and NMLS ID will be automatically pre-filled. The order of those items cannot be customized, but the font size, color and attributes for those items can be adjusted.
- 9.Footer - the footer usually servers as a general disclaimer area in small font below a colored line. The line color is the same as the primary brand color but can be customized.
In addition to the above customizations, we can make certain additional changes to font colors, sizes, spacing and other visual details on any element in the letter, even if outside of the outlined areas. We cannot change the order and layout of the areas.
Below is a series of screenshots that showcase a simple custom pre-approval flow. This is just for illustrative purposes - when we work with clients, we will create completely custom flows for them, and some version of the flow below could be part of the overall application process and follow up tasks.
In the screenshots below we call the Pre-Qualification Letter "Pre-Approval Letter". We can achieve this via customizations to match the language used at the lender's institution.
1. Start Page - the borrower clicks "Start New Application"
2. Welcome screen
3. The borrower enters some personal information
4. Details about the loan and property
5. Employment information, here verified by Equifax's The Work Number
6. Credit check results obtained after prior borrower authorization
7. The pre-approval letter is generated and can be downloaded
8. The borrower downloads the pre-approval letter as PDF