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.
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
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
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.