Credit can be pulled manually from the Lender Toolbar on the LO entered applications or on borrower-submitted applications that don't have auto-credit pull turned on.
- How to pull credit on the lender LO Toolkit bar
- How to re-pull credit
- How to retrieve a credit report
- Soft credit pull
- Credit bureau options
- Credit upgrade
- Configure automated borrower credit pulls
Note: If a borrower has a frozen credit report, credit will not run per each bureau that is frozen.
How to pull credit on the lender LO Toolkit bar
1. Click Pull credit from the Lender Toolbar.
2. Verify all information for the borrower. All details are pre-filled if they were previously entered in the application.
3. Click Pull Credit.
4. Click View summary to view the Credit Results and click Done.
Note: The credit results includes the summary of borrower credit including:
- Median score ( top yellow)
- Tri-merge scores
- Number of tradelines that are open
- Number of tradelines with at least one derogatory/late payment (either 30, 60, or 90 days late)
- Number of bankruptcies
- Number of foreclosures
- Number of inquiries on the report
- Ability to download the full credit report
5. After credit is pulled, you can access the summary and full report from the Toolbar, click View summary.
6. The credit report is also accessible at anytime in the Docs tab.
Notes:
- You will need Credit pull in order to use the DU
- Edits can be made in Liabilities, if needed
- You will need to re-issue credit in your LOS after loan export
- When pulling credit, automated LOEs (letter of explanation) are sent to the borrower:
- Credit Inquiry LOE
- Late Payment LOE
- Public Record LOE
How to re-pull Credit
Credit Re-pull allows the Loan Officer to re-run credit after it has already been pulled in case it has expired, or go from a soft credit pull to a hard credit pull.
1. Click Manage credit from the Lender Toolbar.
2. Highlight the radio button for Pull new credit report.
3. Select the desired credit Pull type option.
4. Click Pull Credit.
How to retrieve a credit report
Credit Retrieve allows the Loan Officer to enter in the credit reference number and retrieve a hard credit pull that occurred on another loan or in another system.
1. Click Manage credit from the Lender Toolbar.
2. Highlight the radio button for Retrieve existing report.
3. Make sure the Pull Type matches that of the original Pull type.
4. Fill in the Credit report identifier number.
3. Click Pull Credit.
Soft credit pull
Soft Credit Pull allows the Loan Officer to choose to pull a soft pull on a loan within Blend.
1. Click Pull credit from the Lender Toolbar.
2. Highlight the radio button for Pull new credit report.
3. Make sure the Pull Type is Soft.
4. Click Pull Credit.
Credit bureau options
Bureau Options allows the Loan Officer to pull non-tri merge reports.
Credit upgrade
Credit Upgrade allows the Loan Officer to upgrade from non-tri merge to a double or tri-merge report.
Configure automated borrower credit plus
Configure automated borrower credit pulls allows the lender user to choose whether or not all borrower apps have credit pulled automatically or just the apps assigned to Loan Officers. This can be configured by Blend Support.
Tips:
- Always verify that customer consent has been received before pulling credit.
- Always review the credit report for any discrepancies prior to issuing the pre-approval letter.
- Edits can be made by going back into the Application tab before pulling credit, if needed.
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The credit information, including liabilities, is not automatically synced to your LOS. For information about how you can reissue credit in your LOS please see this article.
- You cannot pull credit on loan applications that have already been exported to your LOS.
- Seeing a credentials error? See this article for troubleshooting tips.
Resources:
LO Toolkit - Navigation - Toolbar, sidebar & responsiveness
LO Toolkit - Key features - Liabilities
LO Toolkit - Key features - Pricing- Optimal Blue
LO Toolkit - Key features - Pricing- Check rates through Optimal Blue
LO Toolkit - Key features - Monthly housing expenses
LO Toolkit - Key features - Details of transaction
LO Toolkit - Key features - Automated underwriting system/Desktop underwriter (AUS- DU)
LO Toolkit - Key features - Pre-approval letter
DISCLAIMER: The features on this page may not be applicable to your institution. Please reach out to Blend Support for more information on what features are enabled for your use.
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