FAQs for Lenders
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.
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 site by inserting an iFrame and cutting/pasting your custom Preflight® code (provided in your welcome aboard email.)
- 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 web or social media page.
- 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 Predlight® Affiliate 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…
No, the Preflight® code provided in your welcome aboard email is NOT be used as-is. Mortgage Preflight® is designed to be added to your website and/or social media pages via an iFrame. This promotes your web presence and includes the licensing and required disclosure content contained therein. Attempts to use the generic, raw Preflight® code will return far fewer leads and may violate certain licensing disclosure requirements such as the display of the full address of the originator.
Mortgage Preflight® is available at no cost to all eligible Credit Technologies® accounts in good standing. Enrollment of affiliates (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. All requests and leads generated by Preflight® include a nominal authentication fee paid directly by the applicant.
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.
Complete the PreFlight Activation form All requests are subject to approval by an account administrator. Please allow 3-5 business days for configuration and activation of your account.
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.
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.
How can we assure declination letters are sent on Preflight transactions which initiate outside of our LOS?
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.
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?
Once Mortgage Preflight® is enabled on your account, simply add the desired new users through the Mortgage Preflight® Registration process Please allow 3-5 business days for configuration. Each new user will receive an email containing their unique Mortgage Preflight® code and instructions for deployment. New Mortgage Preflight® user requests require administrator approval.
Once I receive a Preflight Lead Alert, via email, how do I import the credit report into my Loan Origination System (LOS)?
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.
Growing your referral network is simple. Just complete (or have your referral partner complete) the free online affiliate registration process. Please allow 3-5 business days for configuration. You and your referral partner will receive a welcome aboard email containing the co-branded Preflight® Affiliate code and deployment instructions.
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.
Mortgage Preflight® is “soft engineered” allowing it to be deployed in a variety of ways. While the best practice is for each loan originator to have a specific Preflight® registered page, it is possible to have a single URL for entire company, region, branch or cost center if desired. Assigning individual URLs for each originator allows for maximum flexibility and individualized marketing plans.
It’s easy to incorporate Mortgage Preflight® in your website, and your referral partners websites. Simply copy the Preflight® code provided in your welcome aboard email into an iFrame on the target page – Your website is instantly Preflight® enabled. Step-by-step instructions for creating your Preflight® landing page and QR code are included in the Getting Started section. Preflight® can be added to your home page and or individual web-pages for each branch, region and originator. Your web designer will be able to assist you in quickly adding your Preflight® Access page directly into any corporate website.
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+.
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 PreFlight Activation form. 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 have your CT user ID on hand and call 855.982.8050 – We’ll be happy to assist you.