Beyond the cost savings, compliance enhancement and referral generating benefits, Preflight® is highly effective at helping you establish a rapport with your applicants, starting before you actually speak with them. Preflight® is designed to explain much of the mortgage credit and scoring process to consumers, provide answers to the most frequently asked questions and highlight opportunities – while directing the consumer to you to learn how to capitalize on those opportunities.
When an applicant completes the Preflight® process, you’ll instantly receive a notification via email like the example to the right.
At the same moment you receive your email notification, the applicant and any referring party (Partner) also receive emails confirming the successful transaction and providing them your direct contact information.
It’s important to review any notes or comments the applicant and/or referral partner may have provided giving guidance as to when and how they want you to contact them. As the consumer also has your direct phone number, email address and website – it’s also common that they may contact you directly.
Once you receive notification, as quickly as possible, access and review the consumer credit report and Preflight® report through Credit Technologies® online. This is important as the applicant will often attempt to contact you immediately upon completing the Mortgage Preflight® process. Pay special attention to any highlighted items on the Credit Radar® report as these will likely represent the first questions posed by the applicant. Even if the consumer has asked you to contact them at a later time, you might consider sending them a quick email confirming receipt and that you will contact them at the requested date and time. In many cases, the applicant may have accessed Mortgage Preflight® while away from home (open house, Realtors office…) and may not have had access to a printer. Be prepared as the consumer may request that you provide them a copy of their full credit report and Credit Radar® report.
That’s it – close the loan and repeat the process! Many additional questions and topics are covered in the Mortgage Originator FAQs.