FAQ

General Questions:

LenderLetter is a web application service where lenders create customized and editable pre-approval letters.  Buyers and their agents may then access these letters for field specific updating of letter values.

 

The LenderLetter application allows loan officers to establish editing limits that prevent agents and buyers from entering values outside the ranges set by the loan officer.  The benefit here is that these changes may be made nights and weekends when the lender may not be available.

 

Often times buyers and their agents need to act quickly when the right house comes along.  Having on-demand access to a customized pre-approval letter is a distinct advantage for Realtors, especially when the letter must perfectly match an offer price and terms that are contained in the purchase agreement.

 

LenderLetter puts the Lender, Agent and Buyer all on the same page.

 

You may view our role based videos by clicking on the links below:

LenderLetter for Lenders

LenderLetter for Agents

LenderLetter for Buyers

No.  LenderLetter is not a Lender or Bank.  LenderLetter is an on-line platform allowing Lenders or Banks to post editable pre-approval letters that can be updated by the Buyer or their Agent.

 

NOTE:  The Lender completely controls which fields are editable and the range of values allowed to be entered.

LenderLetter does not gather any highly sensitive information.  No SSN’s, no drivers license numbers, no birth dates.  Only necessary profile information is collected and stored that is necessary to the function of our application.  Some of the information includes user names, addresses, phone numbers, email addresses, state license numbers, buyer income/expenses.

 

Find our Privacy Policy link in the Footer of each page at Lenderletter.com or click HERE.

 

Finally, we do NOT store credit card information on our servers.  All credit card information is maintained by a third-party credit card processing firm.

LenderLetter is RESPA compliant.  Please go to the Lender section for more information.

LenderLetter is TRID friendly.  Please go to the Lender section for more information.



Lender Questions:

Simply visit LenderLetter.com and click on the “SIGNUP” link at the top right of any page.  You will be taken to an area on the Home page where you can complete a Sign Up form.

 

Answer a few question, make sure to click on “I am a Lender”, agree to the Terms & Conditions, acknowledge the reCAPTCHA and finally click on the “SIGN UP” button at the bottom.

 

All of the sign up fields are required.  Don’t worry, we don’t sell your data to third-party’s.

 

An active credit/debit card is required to activate any new account.

 

NOTE:  This Sign Up process is done once for a “Company Owner”.  All loan officers within a Company will be added by the Company Owner account or Company Administrator accounts that the Company Owner assigns.

 

If you experience any difficulties, simply contact support by phone, email, or online chat.

New subscribers receive an automatic 30-day free trial.  After the trial ends, the new lender account converts to a monthly fee based subscription.

 

The current standard monthly fee is $19.50/loan officer.  However, we are always trying to help small lenders to succeed.  In addition, we appreciate large lenders that bring volume.

 

Please contact us.  Tell us your story.   We will be happy to work with you towards special pricing!

Yes!  We only want happy customers.  You may cancel at any time.

 

PLEASE NOTE:  Monthly subscriptions are paid in advance, so if your subscription renewed on a Monday and you canceled the next day on Tuesday, your subscription will continue until the end of the current monthly billing cycle.

 

Upon cancellation, your account remains available to you.  You can still log in.  However, access to most of the features are unavailable until the subscription is re-activated.

Yes! Your letters and data are owned by you. You may distribute all letters, buyer information, agent contact information and loan officer details prior to cancelling your service.  LenderLetter Support is able to assist in retrieving this information if your subscription cancellation has already occurred.  There may be a small fee for this service.

 

In addition, we archive your data for 7 years after cancellation.

Subscriptions are month-to-month and you may cancel your subscription at any time.  However, since our billing is generated one month in advance, if you cancel after the next monthly billing cycle has started, your subscription will continue until the end of the billing month.

 

Therefore, no refunds are issued unless the service is unavailable to you through no fault of your own.

 

All new accounts start with a 30-day free trial, so if you cancel within the first 30 days, you will owe nothing!

Absolutely!  And at no additional cost!

 

These are the 7 basic steps a lender takes towards getting started:

 

1.Create Account (Company Owner)
2.Add Loan Officers (Administrators, Loan Officers)
3.Enter Loan Programs (Conv., FHA, VA, Jumbo, etc.)
4.Generate Letter Templates
5.Invite/Link to Agents (automated with email)
6.Enter Buyers (automated Max Price Calculator)
7.Process Letters (Agent and Buyer interaction)

1.Instant notification to all parties for each letter change
2.Historical Letter Storage with Date/Time Stamp

 

We will help you all along the way!!!

Yes.

 

Lenders can duplicate their own letterhead with logo, signature image and all other details using our LenderLetter Editor.

 

If you currently have your favorite pre-approval letters in a Microsoft Word® or other format, the LenderLetter Editor allows for copy/paste functions.  This makes recreating your pre-approval letters into reusable LenderLetter templates very easy!

LenderLetter provides pre-designed templates that you can use or modify.   You may also create your own templates that conform to  your company’s standards and guidelines.

 

Pre-approval letter templates are created using the LenderLetter Editor.

 

Once a letter template is created, it can be reused endlessly and modified at any time.  You may view our training videos

There is no limit to the number of pre-approval letters that a lender may generate.  In addition, lenders may also add an unlimited number of Realtors and buyers.

Yes. Each time the lender, agent, or buyer makes a letter change, all parties (lender, Realtor, buyer) will be instantly notified by email.

 

The email provides details of the changes made.  Information provided includes who made the change, when the change was made (date/time stamp), what was changed and for how much.

Numerous security steps are taken to assure data integrity.  From periodic backups to hardened firewalls and application code designed with security in mind.  SSL certificates for private application usage and periodic security scans to test all of our systems.  We do not disclose all of the layers of security for obvious reasons.

 

Our servers are housed in a high security data center with redundant power, Internet feeds, physical security, 24×7 monitoring, off-site backups…plus many other security features.

 

It’s important to note that no highly sensitive information is gathered and maintained on the LenderLetter servers…no SSN’s, no drivers licenses, no birth dates, no credit details.  However, we do collect lender, agent, and buyer profile information as well as buyer income/expense details.

Yes.  We have a Policies section in the Footer with links to our:

 

  • Terms & Conditions
  • Privacy Statement
  • Acceptable Use
  • Compliance

 

Other organizational policies are available upon request.

Yes.  LenderLetter has multiple support system paths that include the following:

 

  • Email support@LenderLetter.com
  • Phone: (415) 462-1956 / (800) 647-3107
  • Live Chat – online at LenderLetter.com
  • Remote computer support (Remote Control)
  • Assume Login by LenderLetter Support Staff
  • Onsite support when necessary

 

For large organizations, we prefer to “train the trainer”.  We can come onsite at your location and train a core group of people that serves as your organization’s first line of defense when loan officers seek assistance.  Our support staff will always be available for any escalation.

LenderLetter.com supports the entire United States and Canada.  Future expansion to other countries is planned.

The short answer is Yes.

 

In 1974, Congress enacted the Real Estate Settlement Procedures Act (RESPA) as a consumer disclosure and anti-kickback statute.

 

Here’s the long answer:

 

What activities are prohibited under RESPA Section 8(a)?


ANSWER:


RESPA Section 8(a) and Regulation X, 12 CFR § 1024.14(b), prohibit giving or accepting a fee, kickback, or thing of value pursuant to an agreement or understanding (oral or otherwise), for referrals of business incident to or part of a settlement service involving a federally related mortgage loan. 


Fee, kickback, or
thing of value. Thing of value is broadly defined in RESPA and Regulation X. 12 USC § 2602(2); 12 CFR § 1024.14(d). Regulation X defines the term to include, without limitation: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips.

 

So…why is LenderLetter exempt?

 

    1. Lenders have been handing out pre-approval / pre-qualification letters to buyers and their agents for decades.  The methods of distribution are quite varied and include; handing the letter directly to buyers and/or agents, emailing letters as attachments to both buyers and agents, uploading the file onto an online data storage service where both buyers and agents may login and download/print the documents, among other methods of distribution.
    2. To the best of our knowledge and research, HUD has never charged any lender with a HUD violation for a lender’s dissemination of pre-approval / pre-qualification letters regardless of what method was used.
    3. LenderLetter.com provides a public service by providing security features surrounding the manipulation and distribution of pre-approval or pre-qualification letters that benefit all parties to a real estate transaction and to the society in general.
    4. Real estate agents are not required to sign up with LenderLetter in order to work with a LenderLetter subscribed lender.  The agent will still receive pre-approval / pre-qualification letters, but through another method of distribution as the lender and agent agree upon.
    5. If a real estate agent signs up and creates an account on LenderLetter.com, the agent is not obligated to associate with any particular lender, but may become associated with many lenders and work with multiple buyers all at the same time.
    6. LenderLetter.com merely provides another type of conduit in which to distribute pre-approval / pre-qualification letters.
    7. No compensation is paid to the agent by the lender for using the LenderLetter pre-approval / pre-qualification letter distribution application.

 

For these and other reasons, providing secure, controlled and verifiable pre-approval letters via LenderLetter.com is RESPA compliant.

 

LenderLetter is T.R.I.D. friendly provided that the lender/loan officer subscriber creates their editable pre-approval letter template(s), accordingly.

 

In other words,  the lender/loan officer subscriber is aware and cognizant of whether or not any of the variables or wording used in their template may trigger or complete all of the 6 requirements that comprise an ‘Application’ and thereby require that the Loan Estimate (LE) be generated within 3 business days and delivered to the borrower/buyer.



Agent Questions:

Yes.  LenderLetter is FREE to Agents.

Yes.  You may invite all of your favorite Lenders to sign up with LenderLetter.  There is a lender invitation menu item on the agent dashboard.  You simply need to know your lender’s email address.

Once you are signed-up as an Agent on LenderLetter, then you may invite a lender.  Click here to sign-up.

 

LenderLetter automatically sends an invitation email to the Lender from the Agent portal.  Simply click on the ‘Invite Lender’ button, enter the lender’s email and click send.

Typically, no.  The lender sets the initial price or loan amount parameters and the buyer or their Agent (if authorized by buyer) may change the price or loan amount as allowed by the Lender.  In addition, the address may be modified or updated anytime by the Buyer and/or their Agent.

 

Note: All parties will be notified immediately by email if any changes are made to a letter.

No.  There are no restrictions on the number of letters that may be created.

Once the Buyer has permitted you access to modify a letter via their Lender in LenderLetter, then it is as simple as:

  • Logging into your LenderLetter Agent portal.
  • Clicking on the Buyer menu item.
  • Then selecting the Letters button for the desired Buyer (this will present a list of letters that have been created for the selected buyer).
  • Select the most recent letter.
  • Select the Edit Letter button.
  • Then simply make the changes or updates that best match the terms of your offer.

 

You may then email, print or download the .pdf of the updated letter.

 

That’s it.

 

By the way, any change or update done by the Agent will automatically generate an email to all parties (Lender, Agent, and Buyer) that shows the changes made.

Maximum Price information is readily available to every agent (provided the lender has established the Max Price within LenderLetter).  Simply log into your LenderLetter account, click on the Buyers/Edit Letters menu item.  This will reveal your buyer table.  Each buyer in the table will have a “Max. Offer Price” column where their corresponding maximum offer price is listed.  Please see screen snippet below:

 

 

All buyers have immediate access to the maximum price as it is shown on their LenderLetter dashboard.

 

Note:  Any attempt to enter a value greater than the maximum set by the Lender will result in the value reverting to the lender established Maximum Price.

Yes.  Once a Letter is modified in any way,  all parties (Lender, Agent, Buyer) are automatically notified by email of the changes.

At this time, a Lender that is already subscribed to LenderLetter must create a new Buyer account from within their LenderLetter portal .  Once added, a welcome email  is automatically sent to the buyer that includes their username (which is their email address) and an initial temporary password. This will enable the buyer to register and access their LenderLetter buyer portal.   Buyers may change the password after their first login.

 

The easy-to-use dashboard provides the buyer fast access to their editable letters.  The Buyer may allow their Agent to update and edit the letters on their behalf.

 

Yes.  A link to LenderLetter.com and an explainer video for buyers can be established on Agent websites.

 

It’s always a good strategy to show your Buyers that you take advantage of the latest in technology.

 

You may use our logo and link to our “LenderLetter for Buyers” video and our site at https://LenderLetter.com

The entire United States and Canada.  More countries will come online in the near future.



Buyer Questions:

Once you have signed up with LenderLetter through your Lender, you can log into your private Buyer portal.  From there you will be able to click on a Pre-Approval Letter menu item that reveals all letters created so far.

 

There are Action buttons on the right to View/Download/Print or Edit or Email each letter.

LenderLetter allows instant customization of the pre-approval letter.   For example, the property address, purchase price, loan amount, etc…  can be changed or updated anytime, day or night (provided the Lender has allowed the changes to be made).  This is extremely convenient especially when a last minute change needs to be made to the letter before the offer presentation.

 

You may also make an offer on a different listing that is new on the market without having to contact your lender.   LenderLetter puts you and your Agent in the driver’s seat.

Yes.  LenderLetter does not take an active role in determining who you can or should work with from the real estate end or lending end. That is your complete decision and your discretion.

 

However, you will need to find an Agent and/or Lender that is subscribed to LenderLetter.

Yes.  Once your lender has posted your letter, and allowed you to make changes to the letter, you or your Agent may modify or customize your letter via your LenderLetter Buyer portal.

 

The Lender presets the editable fields such as the Property Address and Purchase Price prior to posting the letter for your use.

 

When you modify the allowable variables such as Purchase Price, then the Agent and Lender will automatically receive an email showing the changes made.

 

Note:  You can view your Maximum Purchase Price allowed by the lender on your LenderLetter Dashboard.

No.  You may access LenderLetter anytime.  Day or night.

 

All you need is a computer, Internet access, and a browser.

Yes.  You may View, Download, Print, Email and Modify the letters (modify within limits that the Lender has set).

We think the best way is to first refer them to your favorite lender that uses LenderLetter.  After all, the lender will need to ascertain your buying parameters before looking at homes.

 

Hopefully your preferred Realtor is already signed up with LenderLetter since the Realtor is the one who orchestrates the overall real estate process.

 

Finally, there are explainer videos on our website that describe LenderLetter to Buyers.  Click HERE to view a video regarding LenderLetter and buyers

Yes.  Each letter is listed with a date & time stamp.  You may review all letters created within your Lenderletter web portal.

LenderLetter.com currently supports the entire United State and Canada.  More countries will be added in the near future.