After a borrower has received a pre-qualification letter (either via self-serve, or generated by a Loan Officer), they are able to reduce the approved purchase price online.
- This feature is optional, and is therefore not configured in lender environments by default. Contact Blend Support or your Blend account representative to enable this feature.
- The lender's "pre-approval synonym" will be respected throughout this experience. If they have chosen to use "pre-approval" and "pre-approved", that language will appear on the screen and in the letter. If you have chosen to use "pre-qualification" and "pre qualified" then that language should appear on the screen and in the letter.
Reduce Approved Purchase Price
1. Click the Edit pre-qualification letter.
a. The View pre-qualification letter option will either take the borrower to the Documents Tab:
- To view all Pre-qualification letters (if there are multiple) Or
- Download the existing Pre-qualification letter (if there is only one).
Note: The pre-qualification letter card feature must be enabled to take advantage of this feature.
2. Slide the bar to reduce the desired Purchase Price or type in the desired price in the Purchase Price box.
3. Click Create new letter to generate a new pre-qualification letter with the new purchase price.
4. Click the Download letter to download the new updated pre-qualification letter.
5. Click Close.
TIP: The pre-approval amount cannot be lower than the down payment amount.
View all generated Pre-qualification letters
1. Click the Document Tab from the home screen.
2. To view the document, click the desired document under the Generated Documents section.
Note: All versions of the pre-qualification letters that a borrower creates will be made available to the loan officer(s) in the Lender Workspace in the Docs tab.
Article is closed for comments.