You want to allow a pre-approval letter to be issued without the borrower or realtor coming to you to do it. In order to issue a pre-approval letter, you will need to build your Loan Officer Approved Scenario. Building your Loan Officer Approved Scenario sets the permissions for your client to see which houses they can or cannot afford to buy. The scenario will be built automatically, when you upload a 3.4 file or if you are integrated with a partner like Encompass or POINT. If needed, you can also create a scenario manually.
Step One: From inside the Loan Dashboard, find the Loan Officer Approved Scenario box in the bottom left corner of your screen and click anywhere inside of the box.
Step Two: A menu will pull out from the right side of the screen that will allow you to add any borrower information or loan information that is needed.
Step Three: The Scenario will start out in Not Qualified status until you build out the financial and loan information. Click on Edit Borrower Finances to open the Borrower Finances menu, where you can enter the borrower’s income, debts, and assets.
Step Four: In the box that pops up, click on the Add button for each section to add a new item. Fill in the boxes as applicable. When finished, click on Save.
***NOTE*** If Assets are left blank, the system will assume the borrower has the money for the down payment. If data is entered into the Assets section, the system will use the data as a validation to determine whether the borrower has enough funds for a down payment.
Step Five: Click on Edit Loan to open the loan details menu to build in your subject property profile.
The scenario gives the borrower a baseline. They can go in and edit things such as the purchase price, taxes, insurance, etc. to determine whether they meet the guidelines of their loan program.
Step Six: Fill in the boxes with as much information as you can. Click on Save when finished.
Step Seven: You can change the Down Payment to a dollar amount or a percent. The interest rate is pulled from your rate sheet, so it stays fixed, but you can enter a rate adjustment in this section. Property Taxes, Homeowners Insurance, and HOA Dues can also be changed to a dollar amount or a percent.
Step Eight: For you to move the customer to use this scenario, you need to reset the borrower’s Scenario. This is the scenario that your customers have been creating in the calculator. Scroll to the bottom of the Borrower’s Recent Scenario and click on Reset Borrower Scenario.
Step Nine: After clicking Reset Borrower Scenario a box will pop up prompting you to add a description of why the scenario was rejected.
Step Ten: Click Confirm to send the reset.
Step Eleven: In order to qualify the borrower, it is important to change them from a Lead to a Loan. To change the loan status, using the Control Center in the top right corner, use the Processing Status dropdown menu to change the Lead status to one of the Loan statuses; Prequalified or Preapproved.
