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Slash Prequalification Costs by up to 90% with SoftQualify™

Recent repository changes now allow mortgage lenders to use soft prequalification reports to prequalify prospective buyers in seconds. SoftQualify™ delivers significant cost savings versus traditional tri-merge reports. By reducing prequalification costs, we can now help mortgage professionals increase margins, streamline processes and attract more REALTOR® relationships and referrals.

SoftQualify™ Advantages

  • Provides a significant cost savings over a tri-merge report for prequalification purposes.
  • Does not impact consumer FICO scores
  • Does not place a hard inquiry on the consumer’s credit report
  • Does not activate competitor trigger leads
  • Provides a cost-effective way to generate more REALTOR referrals
  • The SoftQualify report is not an application and not subject to FACTA disclosures simplifying downstream compliance requirements
  • Powerful tool for attracting first-time home buyers and those currently renting

SoftQualify™ Limitations

  • Pre-qualification use only — cannot be used for loan underwriting
  • Requires a signed authorization or if handled via phone; a recorded script which must be preserved
  • The consumer cannot be charged for the report, nor can the report be disclosed to the buyer
  • Not eligible for CreditXpert analysis or Score Express rescoring

Frequently Asked Questions

Questions?
We Have Answers.

Yes, consumer consent is required. Consent can be obtained via a traditional signed paper authorization, online through a digital process, or verbally if the phone call is recorded.
Yes, the required scripts and processes are included with your addendum.
The processes and scripts we have in place are already approved and vetted by the bureaus. If you choose to use your own process, it will need to be approved before you can move forward.
Costs are a small fraction of a tri-merge report but vary somewhat based on your specific needs. Your sales professional can provide you specific options and associated costs.
No, repository rules prohibit sharing soft prequalification report data with the consumer.
Perhaps. The repositories require a third-party inspection to be completed prior to allowing access. If you have the required security requirements in place, it’s possible that you may be able to obtain access. Contact us for more information.
Each account requires repository approval so time can vary a bit. Generally, it takes about 7 business days from the time we receive your completed application (or addendum for existing Credit Technologies clients.)
Yes, but most don’t. Virtually every LOS charges an additional transaction fee (typically $1.00-$2.00) when ordering products. As the soft prequalification report cannot be used in the lending/underwriting process, there’s little reason to incur the additional fee.
No, SoftQualify reports are not available for underwriting or lender GSE/AUS use. Preflight and BestQualify can be utilized after a prospective borrower is identified through the use of a SoftQualify report to further automate the lending process and reduce costs.
We’re ready to help — contact our Sales Team via email at salesupport@credittechnologies.com or phone at (800) 445-4922.

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The best technology is useless if you can't depend on the people behind the scenes

We’ll walk you through the process and determine the options that deliver maximum cost savings and lead generation opportunities.
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