Sending a Pre-Approval Letter

Overview

The loan pipeline is where you will manage all of your borrowers, including reviewing application and document data, making adjustments to the loan flow, and locating any additional information regarding the loan.

Among these options, you will have the option to generate a pre-approval letter. 

Once you have a pre-approval letter template set up in your Floify account, you are ready to start preparing and generating pre-approval letters for your borrowers. This is a two step process that involves setting up the parameters for your letter first, and then generating your letter second.

Additionally, there is a new enhancement to the pre-approval letter feature that now allows you to use custom fields as additional merge tags to your pre-approval letter template for more flexible, personalized letters. 

How to Set Pre-Approval Letter Parameters on a Loan

To adjust the parameters used for the generation of a letter, follow these steps.

From the loan pipeline, select the Edit Loan Flow icon:

Scroll down to the Prepare Pre-Approval Letter section:

Enter your Maximum Sales Price, Max Seller Paid Costs, and Down Payment limits:

Note: The down payment limits can be set either in dollar or percentage amounts here, but they will only generate in dollar amounts on the letter itself.

If you have the Loan Type or Personal Note tags set up on your letter, you can also enter this information here to populate directly: 

Make sure you select Save at the bottom of the page once you're done to confirm the changes.

How to Generate a Pre-Approval Letter

Once you have entered your parameters and filled in any mapped custom field data, the next step is to generate the letter to be delivered to your borrower and additional parties. 

From your team pipeline, navigate into the borrower's loan flow using the red, yellow, or green icons towards the left-hand side of the borrower's name:

Select the Pre-Approval Letter button near the right in blue:

The PAL modal is opened. Only tag fields requiring input that are mapped to the Pre-Approval letter will be shown here. Enter your mapped details as you'd like them to appear on your letter:

Note: The values cannot go outside of the parameters initially set up, otherwise you will get an error message

Once you have your parameters set, you will want to set your Recipients. Please note that you can choose no recipients if you want to add the letter to the flow without sending out the letter via email:

You can add additional recipients to receive the letter by entering their email address and pressing the Add button:

The additional recipients can be viewed, checked or unchecked, and removed entirely as needed after being added. to remove the recipient, select the Trashcan icon:

At any point in the process, you can preview the letter with the parameters currently entered:

The preview can be viewed and sent, or you can return to edit the details as needed:

You can choose to send the letter in two ways. The options are to send the letter or to send and create another letter:

Once generated, the letter will be available in the Docs Accepted. You can view or download it as needed with the icons towards the left hand side, and can resend it using the paper airplane icon: