A Pre-Qualification letter informs the potential borrower(s) how much a mortgage lender is willing to lend for the purchase of a home. A Pre-Qualification is a tentative establishment of a borrower's qualification for a mortgage loan amount of a specific range, based on the borrower's assets, debts, and income. Having a Pre-Qualification letter shows the sellers that the potential borrower(s) is serious about purchasing a home and they initially qualify for a mortgage based on the factors they submitted to their lender.
When preparing a borrower(s) for a Pre-Qualification, the lender is collecting a small amount of information from the potential borrower, but none of the information has been submitted to an underwriter. A borrower is not guaranteed an approval based on a Pre-Qualification letter because once their information is submitted to the underwriter, other circumstances and/or factors can affect their liability.
Please see below for detailed instruction on how to generate a Pre-Qualification 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.
- 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 Pre Qual. Letter.
- Once selected, a preview of the Pre-Qualification 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 which pulls directly to the letter. From this screen, LO’s can choose to include the agents on the email/letter, choose to include a pre-qualification package, etc. by clicking the corresponding checkbox for each desired selection. The LO can also input additional emails on this screen if they need to include any additional applicable parties.
- Below is a example of the preview that shows the letter 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 has been verified as correct and the desired recipients of the email/letter have been selected, click the Send Letter(s) button to email the Pre-Qualification 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) and any other applicable parties.
- 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 Pre-Qualification letter will be included. For convenience, there is also a link available for the borrower(s) to click to email their loan officer if they have any questions/concerns.