Streamlining Prequalifications

Informative Research, a diversified provider of data-driven risk management solutions for lenders and mortgage servicers for over 70 years, has integrated its SoftQual solution with Ellie Mae’s flagship Encompass loan origination software (LOS) platform. Unique to the mortgage industry, SoftQual provides full credit file information at the prequalification stage of the mortgage process, including FICO, without affecting borrowers’ credit scores. Traditional credit report “hard pulls” can be saved for later, once the borrower has moved beyond the prequalification stage.

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Without leaving the LOS system, Encompass users and their prospective borrowers can now benefit from SoftQual’s real time information, whether leveraged online, on the phone, or in person with prospects. “For the first time, lenders can evaluate borrowers with authentic full file information within Encompass, empowering them to create and extend offers to consumers without delay,” said Patrick Kelly, Informative Research’s senior vice president of business development. “This means that prospects are far more likely to become borrowers, lenders can enjoy much higher pull-through rates, and all parties benefit from reduced costs and higher service levels.”

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Before Informative Research redefined the prequalification process with SoftQual, lenders were hard pressed to create firm offers without pulling complete credit reports, something consumers are generally reluctant to approve due to privacy concerns and potentially negative effects on their credit scores. SoftQual eliminates those issues through its instantaneous production of complete credit file information with zero impact on borrowers’ FICO scores.

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“When lenders have the information they need to prequalify prospective borrowers with great accuracy, they can extend firm offers that reflect their most attractive rate and fee scenarios,” Kelly said. “SoftQual gives them everything they need to know about borrowers’ credit profiles in seconds without ever having to leave the Encompass environment, and that provides a stunning competitive advantage for Encompass users.”