FPN’s innovative loan prequalification solution, PreQual, is designed to help mortgage brokers and lenders stay competitive in today’s rapidly changing market. With more loan prospects shopping online than ever before, lenders are utilizing FPN’s soft-pull credit technology to capture more qualified leads and process them quickly.
From simple iframes to more sophisticated API integrations, PreQual is a fully-customizable FCRA-compliant solution that is easy to integrate into your current website and marketing efforts. It provides consumers the shopping tools they demand while generating the data you need to submit a timely offer.
Below we answer some of the most common questions lenders and mortgage brokers have about loan prequalification and FPN’s PreQual.
Does PreQual pull a hard or soft inquiry on the consumer’s credit file?
PreQual is a soft-inquiry loan prequalification solution that requires minimal consumer information to pull a consumer’s credit report and score. The soft inquiry doesn’t affect your consumer’s credit score and avoids alerting your competition that your applicant is loan shopping.
Does a soft pull deliver the same information generated from a hard pull?
Yes, PreQual can be used to obtain a full credit report from Experian®, Equifax® and/or TransUnion® and FICO® or VantageScore® credit scores.
Is the information obtained through PreQual sold to outside sources?
The information is only made available to the lender and is never sold.
Can a Real Estate Broker use PreQual?
To offer PreQual to a consumer there needs to be a lending relationship. However, lenders can provide their unique link to real estate agents who refer loans. This serves as a great resource for the agent and generates a new lead for the lender.
Does loan prequalification require a specific permissible purpose?
Yes, just like other credit products, loan prequalification requires a subscriber code tied to a specific permissible purpose.
Does loan prequalification require a firm offer of credit?
No, prequalification doesn’t require a firm offer of credit because the consumer initiated the inquiry.
Is PreQual restricted to a certain loan type?
No, PreQual can be used for all types of loans.
What are the benefits of PreQual?
To stay competitive in today’s changing market, lenders are leveraging loan prequalification to attract consumers looking for:
- A Faster Loan Application Process
- Instant Offers Available 24/7
- No Impact to Their Credit Score
- A Credit Score and Tier
How is PreQual implemented?
FPN’s tailored solutions are easily integrated into current software systems without disrupting workflows. Partners may choose between simple iframes or more sophisticated API integrations to provide insight across the entire customer lifecycle.
PreQual can be implemented as a stand-alone product or as part of an overall strategy that includes other solutions such as FPN’s Prescreen and Account Review solutions, which utilize a different permissible purpose than the prequalification product.