TPO: Creating a PreApproval or PreQualification Letter

Users can quickly generate a PreApproval or PreQualification letter in TPO. This article provides instructions for creating, previewing, and downloading the letter. 

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Overview

There are two options when creating a PreApproval letter:

PreApproval Letter: this letter applies when the borrower's pre-approval is based on a review of the borrower’s credit and requested income and asset documentation (i.e. income and asset documentation has been reviewed)

PreQualification Letter: this letter applies when the borrower's pre-approval is based on their credit and stated income/assets. (i.e. income and asset documentation has not been reviewed)

Both options require running credit prior to issuing the letter. Once credit has been run on a borrower's application, the PreApproval Letter can be generated from the loan menu

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Creating a PreApproval Letter

On the "PreApproval Letters" page, select the type of letter you wish to send from the Template drop-down menu. The remaining fields can be used to set/edit the Purchase Price, Loan Amount, and Expiration Date. 

After the letter fields have been completed/edited, select Save & Preview Letter to view a copy of the requested letter.

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Sample PreApproval:

Sample PreQualification Letter:

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Note: users cannot change the verbiage of the generated letters. To edit the language, reach out to your Cloudvirga implementation and support team. 

Generated PreApproval and PreQualification letters can then be found in the DocVault, where it can be downloaded or printed. You can also create a second letter by returning to the "PreApproval Letters" page and following the steps above.