Fast Pass letters are a type of approval letter that can be provided to borrower(s) and/or realtor partners to aid in incentivizing a seller to accept a borrower(s)’ offer. To be eligible to receive a Fast Pass letter, the borrower(s)’ loan must already be conditionally approved by the underwriter. A Fast Pass approval letter is appealing to a borrower because it provides them with a competitive advantage in their home purchase offers. Having a Fast Pass letter should also mean that the bulk of the underwriting process has already occurred, thus making the time from underwriting to closing even shorter. This borrower experience ultimately leads to a smoother transaction overall and aids in increasing loan officers’ customer base and production levels.
While utilizing Fast Pass letters can provide many benefits, loan officers must use caution when issuing them. Ensuring that income and asset documentation are solidified and cleared through underwriting is imperative; otherwise, unforeseen issues could arise during the loan review process--causing delays to the borrower(s)’ closing, which then may affect both the loan officer’s and company’s credibility.
Please see below for detailed instruction on how to generate a Fast Pass Approval Letter via ConnectGS:
- First, log into the ConnectGS website. Click on the options menu (the “triple line” icon) in the top left corner.
- Scroll down and hover over Customer Connect. In the next set of options that open on the right, click on Pipeline Connect.
- Within Pipeline Connect, click the Cond’l Approval tab to view borrower(s) eligible for a Fast Pass Letter.
- Select the triple dot icon, located on the right side of the screen, to pull up the file tools for the selected borrower(s).
- A pop-up window will open allowing you to select from multiple features such as the loan details, payment options, and various letters. Click on Fast Pass Letter.
- Once selected, a preview of the Fast Pass letter will generate where the information being sent to the borrower can be verified/reviewed. If needed, loan officers have the ability to edit information (next page) which pulls to the letter. From this screen, loan officers can also print the Fast Pass letter, choose to include the agents on the email/letter, choose to include a certificate, etc. by clicking the corresponding checkbox for each desired selection.
- Below is an example of the preview that the borrower(s) and any other applicable parties will receive. Please note, information (shown above) that is edited will update within the preview letter automatically.
- Once all information is verified as correct and the desired recipients who will receive the email have been selected, click the Send Letter(s) button to email the FastPass letter to the borrower(s) and all other applicable parties.
- After the Send Letter(s) button has been clicked, a pop up message will populate notifying the loan officer that the letter has been sent to the borrower(s).
- After all steps above have been completed, the borrower(s) will receive the email below. As the body of the email indicates, an attachment containing the Fast Pass approval letter will be included. In addition, a brochure giving further information about the approval and commonly asked questions is attached.