FAQs for Mortgage Preflight

FAQs for Mortgage PreFlight

The key to success with Preflight is to promote your Preflight® Logo and link everywhere possible. Upon registration, you will receive detailed step-by-step guidance on deploying Mortgage Preflight® and maximizing referrals. The key is making it easy for potential clients and referral partners to find you. This starts with adding Preflight® to your web and/or social media sites.

Preflight®-enable your website and/or social media sites using your Preflight® hosted webpage. Choose the desired Preflight® logo from the marketing library, and add it to your email signature. Note: You can further customize the logo including adding your corporate name and/or any additional licensing/disclosure content that might be required in your venue. Lastly, add a hyperlink to your customized logo pointing to your Preflight® enabled webpage. Include your Preflight® Logo in every blog and forum post. Add your Mortgage Preflight® enabled logo to all potential referral sites including Facebook, Twitter, LinkedIn, Zillow, Trulia, Active Rain... Use the Preflight® Partner program to offer Preflight® to all current and prospective referral partners. Most every potential referral source will be excited about the opportunity to automatically capture new business 24/7. Engage and automate referrals from virtually any source including Realtors, Builders, Attorneys, CPAs, Financial Planners...
Mortgage Preflight® is a revolutionary, automated way to generate referrals, enhance compliance efforts and slash out-of-pocket credit reporting costs. Various State and Federal laws and repository rules require that you demonstrate permissible purpose in addition to obtaining authorization prior to accessing a consumer’s credit file. In addition, new FRB Reg-Z rules (12 CFR 226) place restrictions on mortgage professionals paying third party fees including credit reporting costs. Mortgage Preflight® provides a secure method for you to authenticate the identity and obtain written authorization from your borrower prior to accessing their credit report and have the borrower pre-pay the associated costs. Most importantly, you'll quickly build a larger referral network and generate more qualified purchase leads - All at no cost.
Yes, in fact all-inclusive pricing maximizes your costs savings by allowing your applicant to pre-pay many of the credit report related costs. All inclusive pricing can also satisfy new ECOA concerns. Some restrictions apply. For more information, please contact your Business Analyst or call 800.445.4922, Option 1 for assistance.
No. Mortgage Preflight® is a patent-pending service available exclusively through Credit Technologies®, Inc. Mortgage Preflight® is available only to mortgage professionals utilizing Credit Technologies® and meeting certain eligibility requirements.
Mortgage Preflight® is available at no cost to all eligible Credit Technologies® accounts in good standing. Enrollment of Partners (Realtors, builders, referral partners...) is also provided at no cost. Contact your Business Analyst for more information on eligibility requirements or call 800.445.4922, option 1.
The process varies somewhat depending on your specific LOS. Most LOS require confidential information (such as the applicants social security number) that for security reasons, cannot be included in the email Preflight® Lead Alert. This requires that you first access the file through Credit Technologies® Online to gain the needed additional information. Then, simply follow steps for importing an existing report into your LOS. Should you encounter any problems, we'll be happy to assist - Just call our Technical Support department at 800.473.8221, Option 3.
Like all services offered by Credit Technologies®, Mortgage Preflight® was designed with compliance in mind. By providing a secure method for the applicant to preauthorize and pay for all credit report related costs, Mortgage Preflight® helps you comply with FCRA, GLB and Reg-Z (third-party fee restrictions) requirements. Our authentication process using the Precise ID platform satisfies many of the FACTA Red Flag detection and anti-money laundering requirements prior to even speaking with the applicant. In addition, access to Mortgage Preflight® requires that each account be enrolled in our COMPLY+ Service, assuring that the appropriate Risk Based Pricing / Exception Notices are issued to every participant and includes AS1 fraud detection services, providing additional fraud and identity theft detection.
Determining if your use of Mortgage Preflight® is defined as an 'Application" is largely dependent on your specific practices and guidelines and how you use Mortgage Preflight®. As each end user has unique procedures and practices, Credit Technologies® is not able to provide specific compliance advice. Generally speaking, it is our belief that Mortgage Preflight® in and of itself does NOT meet the criteria of an application. As with all legal and compliance questions, you should seek a qualified opinion for determinations based on your actual usage. The FDIC provides a good overview on the difference between prequalification and application in their publication entitled Mortgage Loan PreQualifications: Application or Not?
Credit Technologies® has an automated solution to guarantee any required declination letters are issued. The Automated Adverse Action Notice service (A3N) allows you to establish minimum mid-FICO® score requirements. Whenever applicants fail to meet your pre-determined minimums, Credit Technologies®' automatically prepares and issues the required disclosures via first class mail. In addition, the Mortgage Preflight® system can automatically notify multiple individuals or teams of every Preflight® transaction, allowing for easy monitoring of all downstream compliance requirements.
Yes. The Vision process will continue to run, delivering cost savings on all reports processed through your Loan Origination Software.
Once Mortgage Preflight® is enabled on your account, simply add the desired new users through the Preflight® Invite User's tab within Preflight2®. Each new user will receive an email prompting them to register and set up their person Preflight® webpage.
Growing your referral network is simple. Just send an Invite Partner email within the Preflight2® system. Within minutes your referral partner will receive an email on your behalf allowing them to register and setup their own Preflight® webpage.
All hyperlinks created through Mortgage Preflight®, originator and affiliate, remain active as long as both the Account and Users are in good standing. Service can be deactivated and/or leads and referrals redirected through a change order at anytime as long as the account is active and in good standing.
Yes, Preflight® can be deployed for as few as a single user however; the Account must meet the eligibility requirements for Mortgage Preflight® Access including the use of Comply+.
It's easy to incorporate Mortgage Preflight® in your website, and your referral partners websites. Simply copy the Preflight® webpage URL provided on your My Profile page and hyperlink to a Preflight® Logo from the marketing library and place on your personal website. - Your website is instantly Preflight® enabled. Preflight® can be added to your home page and or individual web-pages for each branch, region and originator. If you chose to embed your Preflight® webpage into your personal or corporate website your web designer or IT department will be able to assist you with ease by using the "Add Preflight® to my website" tab within the Preflight2 system.
While each Mortgage Preflight® URL is registered to a specific user, Mortgage Preflight® is licensed to the corporate account and can, upon reconfiguration, continue to generate referrals. Should an enabled user leave, contact the Preflight® team at 855.982.8050 to reconfigure the Mortgage Preflight® user to re-route future referrals and notifications.
No. The CT Membership and end user agreements of all repositories strictly prohibit access to consumer credit data for credit repair or counseling purposes. Credit Technologies® further prohibits the placement of any Mortgage Preflight® URL; or the use of any Mortgage Preflight® service by any credit repair or credit counseling provider or promoter. Specific Mortgage Preflight® requirement and restrictions are available in the disclosure information during your Preflight® registration. Failure to comply with the membership and Preflight® agreements including engaging in prohibited practices will result in the immediate suspension of the account.
Absolutely - Should you encounter any difficulties in configuring Preflight® on your account or have additional questions, please access our CT knowledge base or have your CT user ID on hand and call 855.982.8050 – We’ll be happy to assist you.