Initiating a credit application (and sending the credit application to the homeowner via email) can be done from in the qualification pageQualification Phase.
Qualification page
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Title Check
Title will be run automatically upon Quote generation, allowing you to confirm who the title holder(s) is before running credit. After title is run, the credit application will be automatically populated with the name and address of the title holder. Additionally, selecting "I am applying with a co-applicant" will pull in a second title holder if there is one.
Qualification Phase
The Qualification Phase is where you will see the results of the title check and where you will go to run credit. It is accessible from the left menu.
The left side of the qualification page shows a list of applicable products along with the product qualification status: approved, in progress, and declined. The middle top of the page shows information about the selected application, along with an "Actions" menu and applicable financing products for that application.
The right side of the page shows a history feed, including actions that have been taken and comments. There is also a toggle for "Name & Address" for viewing the contact information, co-applicant information (if applicable), and address associated with the application.
Applying
Click the Actions button and then select Run Prequal to send a credit applicationstart prequalifying your customer.
A window will appear showing confirming with tabs to send the application via email or have the homeowner complete the application in person. Confirm the contact, address, and quote the credit application will apply to, as well as the email address where the application will be sent. The email address must be valid and not assigned to an existing EverBright user. Click Save when you've completed your entry. In some instances, a credit decision can apply to more than one product. The products that the application applies to are listed in the "Products" section of the page for the selected application.
Note: This initial credit check is a soft pull. For EverOwn products, this credit application gives permission for EverBright to convert the soft pull to a hard inquiry upon M1 approval and minimum of 30 days after contract signing.*
Click Submit to send or start the application.
After the application has been sent, the credit status will change from Not Started to In Progress.
When the homeowner has completed and submitted the credit application, the qualification page will update with the credit qualification status for products with automated credit decisions. Products without automated credit decisions may be updated manually by the financier by following the steps here.
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For applications that have already been sent out, you can cancel the application or re-send the email to the homeowner. These choices are accessed under the Actions menu for a given application - first clicke click Actions then select Resend Email/Reopen Link or Cancel .
Prequal.
*What’s the Difference Between a Soft Credit Pull and a Hard Credit Pull?
Soft credit pulls and hard credit pulls are two different types of inquiries that can be made into a credit report by a third party, such as a lender like EverBright.
Here are the key distinctions between a soft credit pull and a hard credit pull:
Purpose:
Soft Credit Pull: A soft inquiry is typically done for informational purposes or as a preliminary step. It is often used for pre-approval offers or to conduct background checks. Soft pulls do not affect someone’s credit score.
Hard Credit Pull: A hard inquiry is performed when a lender or creditor needs to evaluate the creditworthiness of a credit application. It is typically associated with applying for a loan, credit card, mortgage, or other types of credit. Hard pulls may impact someone’s credit score temporarily.
Impact on Credit Score:
Soft Credit Pull: Soft inquiries have no impact on an individual’s credit score. They are not visible to other lenders or creditors, and they do not affect an individual’s creditworthiness.
Hard Credit Pull: Hard inquiries can affect an individual’s credit score. While the impact is usually minor and temporary, multiple hard inquiries within a short period can indicate higher credit risk and potentially lower the individual’s credit score.
Access to Information:
Soft Credit Pull: Soft inquiries provide limited access to an individual’s credit information. They typically show only a summary of the credit report, including credit accounts, payment history, and public records.
Hard Credit Pull: Hard inquiries provide full access to an individual’s credit information. They include a detailed review of the credit report, including account details, balances, payment history, and any derogatory remarks. Hard inquiries are visible to other lenders or creditors who access the individual’s credit report.
It's important to note that while soft inquiries do not impact a person’s credit score, they are recorded on their credit report, and the individual can see them when they check their own credit history. However, soft inquiries are generally disregarded by credit scoring models when assessing creditworthiness.
On the other hand, hard inquiries are considered in credit scoring models and can affect a person’s credit score temporarily. It's advisable to minimize the number of hard inquiries by only applying for credit when necessary and being selective about credit applications.
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