This article outlines the requirement for generating a pre-approval letter and how to send the document out.
Required pieces of information to generate a pre-approval letter:
Transaction tab:
Loan Amount
Borrower tab:
Minimum information to save a Borrower's information
Estimated Credit Score OR Social Security Number
If using the Social Security Number, credit must be pulled
Property tab:
Minimum information to save Property information
A product should be selected on the Pricing tab or manually entered on the Product tab
Generating & viewing the pre-approval letter:
To generate a letter, either click
Generatein the side navigation or clickGenerate Documentsfrom the document tabScroll down to the Documents section and see the Pre-Approval letter
You can now view and download the letter
The letter will also appear in the Borrower's dashboard for them to view
If your pre-approval letter failed to generate, you can navigate to the Loan Audit tab to learn the reason!
Expiration dates on pre-approval letters
The expiration date is calculated at the moment the letter is generated and isn't stored on the loan, so generating a new letter always produces a new expiration date. Previously generated letters keep whatever date was printed on them.
- No credit report on the loan — the letter expires 30 days after the date you generate it.
- Credit report on the loan — the letter expires 90 days after the credit report was pulled, not 90 days from when you generate the letter. A letter generated on a 60-day-old credit report will show about 30 days of remaining validity.
- Multiple borrowers — if any borrower on the loan has no credit report, the letter uses the 30-day window even if the other borrower's credit has been pulled.
If the credit report is already older than 90 days, the letter can print a date in the past — pull fresh credit and generate the letter again. Sonar prints the expiration on the PDF but doesn't block or warn on an expired letter. The 30- and 90-day windows are configurable per company; contact Sonar Support to change them.