Pre-Approval Reports from Factual Data
Pre-Approval credit reports are a practical tool for many residential mortgage lenders. With Pre-Approval, lenders gain more of the data necessary to complete the loan origination process, without the need for a hard credit pull until prior to closing the loan.
Why Choose a Pre-Approval Credit Report?
When determining if Pre-Approval is the right type of report for your company’s credit workflow, consider the following benefits and differentiating qualities:
Lenders can use the Pre-Approval Credit Report to pre-approve applicants — for a specific loan amount
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Pre-Approval can be used for underwriting — a hard pull Credit Report is required prior to closing
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Does not initiate trigger leads — which can invite competition and may be frustrating to your applicants
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May reduce the risk of applicants walking away — applicants may be more invested in the loan process after receiving a credit offer with the stated amount they are pre-approved for.
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Pre-Approval may be upgraded with the following additional features:
Trended credit reports available- May be re-issued
- May be merged
- Undisclosed Debt Monitoring available
- Credit Supplements available
What's the Difference Between
Pre-Qualification and Pre-Approval Reports?
Pre-Qualification Reports
With Pre-Qualification, you’ll receive a report that depicts where the consumer’s credit stands that can be used to determine what credit options you may have available for them. This can be helpful in determining whether to move on to the next step of the application and underwriting process. No hard credit inquiry is needed until the consumer chooses the credit option they would like to proceed to full application with. It requires written instruction from the consumer allowing you to obtain their credit data. This type of report does not initiate trigger leads, making it an ideal tool for protecting your initial lead investment.
Pre-Approval Reports
Pre-Approval reports are useful for providing applicants the stated amount they are approved for using a more robust data set while not triggering the competition, which may assist with retention. While the Factual Data Pre-Approval product is a soft inquiry, it can be used for the initial review of the consumer’s credit and through the underwriting process. A hard credit pull is still required prior to closing.
"Trigger leads not being prompted has been a great value add for an improved consumer experience."
— Factual Data Customer
Compare Pre-Approval,
Pre-Qualification,
and Early View
from Factual Data
Pre-Qualification,
and Early View
from Factual Data
Download a PDF with more information
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A Trusted Provider of Pre-Approval Credit Reports
Depend on a credit data provider with the expertise that may help you to improve efficiency and reduce risk associated with mortgage lending. Not sure whether a Pre-Approval Report is right for you? Connect with a knowledgeable representative for a helpful consultation.
Call (877) 284-8322 to speak with a Factual Data representative today, or complete the form below.
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