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.
With this integration, mortgage lenders can greatly speed the initial prequalification underwriting process, as users of Encompass will be able to view borrower information via SoftQual right from within the LOS interface.
“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,” says Patrick Kelly, senior vice president of business development for Informative Research, in a release. “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.”
Ellie Mae recently introduced a new version of Encompass, which includes expanded support for construction loans, more streamlined workflow integrations with the government-sponsored enterprises, trade management enhancements, and updates to Encompass reports.