Sonar can generate pre-approval letters for you. Pre-approval letters are generated automatically after a product is selected, and can also be manually generated by the LO.
Minimum requirements
Before you can generate a pre-approval letter, you must have filled out at minimum the Transaction, Borrower, and Property tabs under Application. You must also select a product.
When the letter self-generates
After credit has been pulled and a product has been selected, the pre-approval letter self generates. You can find it in the Documents section of the application.
When the letter self-generates it will also immediately become available to your borrower in the POS.
Every time a new product is selected, the pre approval letter will automatically update.
Manually generating the letter
To generate a pre-approval letter, go to Documents under Underwriting.
Here, next to Pre-Approval Letter, click Generate.
The pre-approval letter will be added as a document attached to the loan. Scroll down to see it.
From here you can preview the pre-approval letter with the eye icon, and download it with the download icon.
Accessing the Letter in the POS
Once generated, the pre-approval letter will also be available for the borrower to download in the POS.
The borrower will be presented with the checklist item "Download Pre-Approval" which will give them the chance to download the pre-approval letter.
The borrower will also be able to download the pre-approval letter at any time by going to Document Upload and clicking the pre-approval letter under Available For Download.
Expiration Date(s) for Pre-approval Letters
When the letter is generated without a credit report, the letter expires 30 days after the letter is generated
When the letter is generated with a credit report, the letter expires 90 days after the letter is generated