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August 15, 2023 Release Notes
The purpose of a pre-qualification letter is to provide the borrower with an estimate of how much they may be able to borrow based on their income, credit score, and other financial factors. It helps borrowers get a sense of their buying power and can be useful when shopping for a home or other large purchase.
- Lender Hub Pre-Qualification Letter Tab. With this release there is a new tab in the application view for Purchase applications. This new tab is called Pre-Qual. In this tab, agents with the appropriate permissions will be able to generate pre-qualifications letter for their borrowers. They will also be able to allow their borrowers to generate their own pre-qualification letters by setting the limits that should not be exceeded when the borrower adjusts the sales price, taxes, HOA fees, etc, for each letter they generate.
- Non LO Pre-Qualification Letter Options. With this release realtors will be able to generate letters from this new tab but they won't have the ability to allow borrowers to generate their own pre-qualification.
The new tab will only be available for applications whose loan purpose is purchase
When a new letter is generated it is possible to send it to the borrower
The borrower will receive the letter as a new "Follow up" task in its application
If the agent has the required permissions, they may be able to enable pre-qualification generation from the borrower hub
By activating this option it is possible to set limits on the "monthly payment" and "loan amount" that the borrower must not exceed
- Borrower Hub Pre-Qualification Letter Tab. With this release there is a new tab in the vertical menu on the left side of the Borrower Hub. This new tab is called Pre-Qual Letter and it is situated underneath the Documents Tab. In this new tab, purchase borrowers will be able to review the pre-qualification letters that their LO has generate from them and, if their LO has allowed it, borrowers will be able to generate their own pre-qualifications letters as long as they enter values that are within the limits that their agents have set. Borrowers will also be able to send their letters via email to people outside of Revvin.
If the option to generate letters for the borrower is activated, it can be accessed from a new "Follow up task" or from the menu on the left in the "Pre-Qual Letter" tab
The borrower will be able to modify the values to generate as many letters as required
The borrower must modify within the limits of the "monthly payment" and "loan amount" previously established by the agent from the Lender Hub
The borrower will be able to send the letters to specific people by entering the email addresses
- Value to Clients: Empowering the Borrower to generate Pre-Qualification Letters without any help from their Loan Officer
- Leveraging this Feature: This change will be available to use for all users with the appropriate permissions with the release. Clients that want this feature enabled will need to contact [email protected]