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A mortgage pre-approval generator can streamline the process for borrowers. But the right mortgage pre-approval tools can also help lenders nurture strong relationships. Here are some of the best practices for generating effective pre-approvals.
Most buyers are unfamiliar with the mortgage pre-approval process. Ensure that you communicate how the process works and what documents are required.
Some buyers may not understand how pre-approval and pre-qualification differ. Educating these applicants can help you build a strong rapport. Doing so increases the odds that they will rely on you for the final loan.
One of the best mortgage pre-approval tips is to make the process accessible online. A mortgage pre-approval generator will speed up the process. It will also make it more convenient for applicants.
Therefore, your goal is to remove all friction from the application process. This will prevent applicants from checking out your competitors. It will also help you gather valuable data for your future marketing efforts.
Under ideal conditions, the pre-approval process is fast and easy. But what if a borrower forgets a vital document? That can slow the process and cause you to lose a potential client.
Thus, contact the applicant immediately to resolve any snags in the pre-approval process. A mortgage CRM can be ideal for staying in contact. You can retrieve the data you need and keep the process moving forward.
Not every applicant will have a standard financial history. Freelancers and contractors, for instance, won’t have traditional pay stubs or W2s. This can make it challenging to get a mortgage pre-approval estimate.
Also, make sure you can account for non-traditional credit histories. This might include things like Form 1099, contracts, or other financial records. Working with these buyers can help your practice stand out from competitors.
Automation can streamline the pre-approval process. A mortgage pre-approval generator can provide the tools you need.
For instance, a high-quality pre-approval generator can:
This allows you to generate pre-approval letters quickly while remaining flexible for each client.
The pre-approval process can expose some buyers’ lack of financial readiness. This can include buyers with low credit or high debt. Lenders can identify these buyers and connect them to alternative loan programs.
For instance, your practice may offer options such as FHA loans or USDA loans. These can be great options for borrowers who lack a down payment. Use your mortgage pre-approval tools to identify potential candidates for these loans. Then you’ll be better suited to address these unique needs.
A mortgage pre-approval generator can enhance your business. It also makes things easy for the borrower. The BNTouch platform offers dynamic features and automation. See these features for yourself. Contact BNTouch to schedule your demo.
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How is technology transforming your lending practice? A mortgage pre-approval generator can enhance the customer journey. It can also help you build relationships with each potential client. Here are some of the mortgage pre-approval best practices for mortgage pre-approval tools.
No matter what kind of mortgage pre-approval tools you use, make sure they’re accessible online. This makes it more convenient for borrowers to engage in the mortgage pre-approval process.
Many customer relationship management (CRM) platforms already offer an online portal. This makes it easy to connect with borrowers and streamline the application process. Your platform will make it easy to perform tasks such as:
Additionally, online tools are fast — and easy. Give clients what they expect with a secure online portal.
Borrowers may be confused by the different types of mortgage pre-approval calculators. But that also creates a unique opportunity. You can work to educate clients on topics such as:
Educating your web visitors can give them greater confidence about the process. It may also make them more likely to stick with you through the rest of the borrowing journey.
A mortgage pre-approval generator will harvest key information from each applicant. You can use this data to drop the applicant into your borrower pipeline.
Your mortgage CRM can allow you to connect further with each borrower. For example, you might send a follow-up email to let the client know what to expect next. Or the user’s financial data may reveal a less-than-perfect credit history or high debt. Use this as an opportunity to promote affordable loan options, such as an FHA loan or USDA loan.
The best pre-approval generators offer automation and other core features. For example, you can use a generator to dynamically create pre-approval letters. This allows you to adapt each letter based on your unique needs — or the needs of your client.
The best platforms also let you define unique parameters. The system will then create pre-approval letters based on these parameters. As a result, you’ll automate your core processes while remaining flexible for each client.
Do you want to build strong relationships? Then your best option is to communicate with each client. The best tools allow you to provide feedback to your applicants. You can let them know about their progress through the pre-approval process.
That’s also important if you’re missing a vital piece of data. You can contact the applicant immediately and ask them to submit the missing data. That way, you’ll keep the process moving forward.
The right tools make all the difference. Selecting the right pre-approval generator can help you grow your business. It can also allow you to deliver a superior customer experience.
The BNTouch platform offers a pre-approval generator with dynamic features and customizable options. To discover how these tools can enhance your lending practice, contact BNTouch for a demo.
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Technology can transform the mortgage pre-approval process. By using a mortgage pre-approval generator, you make it easy for clients to secure the home of their dreams. BNTouch offers a unique path toward generating effective mortgage pre-approvals. Here’s what you can expect from our pre-approval generator.
There are several types of mortgage pre-approval calculators. Some simply provide a mortgage pre-approval estimate. Others serve as a mortgage comparison calculator. The BNTouch platform provides an estimate and generates a pre-approval letter.
The goal is simple. The faster you can offer pre-approval, the more likely the applicant will be to use your services. Clients can secure good rates while you stand out from your competitors.
BNTouch’s pre-approval generator offers several unique features. How do these features enhance your business?
First, applicants have access to a simple online process. This ensures that they will provide:
The end result? Fast, accurate pre-approvals. Buyers will prefer your business when your process outpaces your competitors. And you can also use borrower data to create customized pre-approval letters.
The pre-approval generator performs more than the basic calculation. It also creates pre-approval letters. The system can also adapt these letters to your specific needs or the needs of your clients.
Storage tools also help you save and retrieve each letter. The data you gain can then be used for future marketing efforts.
Using our pre-approval generator allows you to maintain a set of permissions and limits for each loan. Why is that important? This feature will give you total control over who can access and modify loan information.
As a result, you’ll control who serves each client. This feature also adds another layer of security to protect your applicant data.
Automated features streamline the process even further. The BNTouch system can generate letters automatically. Users can set parameters unique to each client. The system will then generate letters that adhere to these guidelines.
This feature allows you to process more pre-approval letters than ever before. And it works around the clock without you having to monitor the process or create manual letters. Because you can set your own standards, you’ll retain the ability to deliver focused solutions to every client.
These features only add to those of the customer relationship management (CRM) system. A mortgage CRM allows you to:
Together, these features help you grow your lending practice. You’ll be able to handle a larger customer volume while maintaining a high level of customer service.
Are you ready to see these features in action? Contact BNTouch today. We can schedule a demo so you can see firsthand how a mortgage pre-approval generator can grow your business.
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A mortgage pre-approval generator is a must-have for any lender. Buyers can use this tool to better understand what they can afford, giving them an edge in a competitive market. Learn about some of the best practices for using a pre-approval generator.
Mortgage pre-approval tools come in several types. These are some of the most common tools in use today.
Many people just starting out on their homebuying journeys turn to mortgage calculators. A user will enter their basic information into the calculator. They’ll then receive estimates on their purchase budget or monthly payments.
Mortgage calculators don’t always lead to pre-approvals, but they can encourage customers to take a step toward working with a lender.
True, pre-qualification is a much simpler process compared to pre-approval. However, many customers find it helpful to seek pre-qualification to get a ballpark of their purchase budget.
As a lender, you can use a pre-qualification calculator to build your lead pipeline. Collect the customer’s data when they use the form, then follow up via marketing emails to explain more about the process. Buyers who seek pre-qualification through your business will often stick around for the rest of the lending process.
A pre-approval calculator will give users a clearer picture of their purchasing budget. This tool will use a borrower’s financial history to create an estimate of their future loan.
Borrowers gain all the usual benefits of mortgage pre-approval. But as a lender, the pre-approval calculator can help you screen potential clients. For example, do you have a borrower with a poor financial history? Connect them to FHA loans or other affordable programs.
What is a mortgage comparison calculator? This tool generates loan information from multiple lenders. Most comparison tools allow buyers to compare lenders based on factors such as:
Borrowers get the advantage of finding the best loan option. Lenders can also gain the advantage of showcasing their interest rates and loan terms.
Generating effective pre-approvals starts by gaining the right information. The more data you can collect from borrowers, the more accurate your pre-approval estimates will be. Here are some of the most important features to look for in a pre-approval generator.
First, a mortgage pre-approval generator must help you get the applicant’s personal information. This includes the customer’s:
This information will confirm the borrower’s identity and creditworthiness.
Loan officers can also use the applicant’s contact information for email marketing. If you’re using a customer relationship management (CRM) platform, it’s even easier. You can have your mortgage CRM send a follow-up email to applicants. This email provides insights into what to expect next in the process.
To be pre-approved, applicants must submit the proper documents. Mortgage underwriters then check the borrower’s financial information. A pre-approval generator should review documents such as:
A mortgage CRM can help with this step as well. A borrower portal makes it easy to upload documents. In this way, it streamlines the mortgage pre-approval process.
Underwriters rely on the applicant’s financial history to determine the pre-approval amount. A pre-approval generator must be able to harvest information that includes the borrower’s:
The more thoroughly the pre-approval generator can review this information, the more the borrower can rely on an accurate pre-approval letter.
Every pre-approval generator should check the applicant’s credit history. The borrower’s credit score will indicate their creditworthiness. Thus, the score impacts the size of the loan and the interest rate.
A mortgage pre-approval generator will use the above data to calculate the estimated loan terms:
Borrowers will use this data to more precisely determine their purchase budget. They can also learn how monthly payments will fit into their budgets.
Homebuyers use written pre-approval letters to gain leverage in the negotiation process. That’s why you need a pre-approval generator that does more than offer numbers on a screen. Instead, you need a generator that can also send pre-approval letters to your clients.
The best generators can do so automatically, with features that adapt to every possible client. A good system can also store these letters for future retrieval.
The pre-approval letter should contain the loan amount. It should also inform borrowers of the validity period. The exact length of this period can vary between lenders, though 90 days is usually the upper limit. Some pre-approvals only last 30 days.
The mortgage pre-approval generator should be clear about this time frame, as it will impact the borrower’s homebuying journey.
A pre-approval generator will handle the most basic elements of the lending process. But if you want to take your lending business to the next level, you can adopt strategies to make the process even easier. Here are some mortgage pre-approval tips for your lending practice.
The pre-approval process should be simple. An online customer portal provides borrowers with added convenience. They can use the portal to submit documents and track their progress. With the right mortgage CRM, customers can even sign documents electronically. This eliminates the time-consuming need to come to your office.
The same portal also allows you to store and organize important documents. Once the applicant is pre-approved, you can use the same documents to speed up the final approval process.
Not all applicants have a traditional financial history. Self-employed individuals and contractors, for example, may not have W-2s or pay stubs. This can make the lending process challenging.
You can make it easier. Make sure your mortgage pre-approval generator can evaluate alternative financial documents. These can include bank statements, 1099 contractor forms, or certain types of contracts. This feature will help you expand your lending options to nontraditional applicants.
A mortgage pre-approval generator is designed to harvest data. And few things are as important to lenders as customer data. That’s why it’s important to integrate your pre-approval process with your mortgage CRM system. Once you harvest customer data, you can drop the customer into your mortgage pipeline.
After all, an applicant seeking pre-approval will be a high-value lead. You can use your CRM system to follow up with the applicant. For example, once they complete the pre-approval application, you can send a follow-up email. In the email, introduce yourself and let them know what to expect from their next steps.
The lending process isn’t always uniform. That’s even true for the pre-approval process. But every relationship demands clear communication. A mortgage CRM system will allow you to automate client communication.
Applicants can receive emails to let them know they’ve completed a vital phase of the pre-approval process. What if the borrower’s application is missing a document? You can notify them and keep the process moving.
The faster you can provide pre-approval, the greater your chances of being the lender the applicant chooses for their mortgage.
With the right platform, you can tailor your solutions to each applicant. The application itself will reveal valuable information about the borrower’s financial situation. Lenders can then use this data to provide customized solutions to each client.
Imagine that an applicant has a less-than-stellar credit history or low income. Does your firm offer loan programs for low-income borrowers (FHA loans, USDA loans, etc.)? If so, you can easily connect that applicant to the right loan program.
To stay competitive, you’ll need tools that go beyond the basics. The best pre-approval generators now have even more advanced features. Here are some ways an advanced platform can enhance your business.
The pre-approval letter generator lets you create and store pre-approval letters. Lenders can store letters and adapt them to specific needs. These letters can also be stored. You can refer to them if the applicant proceeds further in the lending process.
Users get total control over every pre-approval letter. Permissions and limits can be set for each loan. These settings determine who can access and modify loan information.
The system can generate letters automatically. Once you set your parameters, the platform will adhere to your guidelines when creating letters. You’ll gain complete compliance with all standards.
The BNTouch platform can improve your business as well as the customer journey. The BNTouch mortgage CRM already improves tasks like marketing and productivity. Our advanced pre-approval generator will take your business even further. Want to learn more? Contact BNTouch today to schedule your demo.
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