Loan Origination
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      1. LendingWise - Help Center
      2. Using The Platform
      3. Loan Origination

      Soft Credit Pulls

      A soft credit pull can be run directly from the soft credit pipeline or inside a loan file under the Quick or full app tab.

      Make sure that this feature is activated. To activate the soft credit pull you need to:

      1. Log in to your LendingWise account.

      2. Select Pipeline and choose Soft Credit Pull, then click "Activate Now". Make sure to first accept terms to activate soft credit pulls.


      3. You will be asked to log in to your Acqualify account. Kindly create an account if you don't have one yet.

       

      NOTE: The feature is currently free of charge. The vendor providing this service subsidizes the cost by offering credit restoration services to any customers that do not meet your credit threshold. They will call and e-mail the customer to offer credit restoration which cost around $75-$175/month depending on the plan. Please keep in mind this score does not transfer to any liabilities or similar.

       

      Once the feature is enabled for your account, look under the pipeline menu option, and you will see soft credit pulls. A soft credit pull can be run directly from the soft credit pipeline or inside a loan file under the Quick or full app tab. Each user (back office, branch, loan officer, or broker) will need permission enabled if you want them to use the soft credit pull feature. 

       

      FYI: You can only run the soft credit every 30 days. So if you try to resubmit the report, you will be prompted with an error.

       

      When running a soft credit pull.

      • If all information is correct and successful. You should see the following:

       

      The required fields to run soft credit are: first & last name, address, phone, E-mail & Date of birth.

       

       

      • If information is not provided correctly or system cannot find information, you will receive this error message.

       

      FAQs

      30-60-90
       
      Please be aware that this service does not provide output this way
      I don't see Soft Credit in Pipeline?
       
      Verify a manager has first enabled the feature on the account, then all other back-office users will have access to the feature.
      Nothing is showing! What could it be?
       
      Please verify the correct address on the present property address borrower, not on a previous or similar.
      Which credit score does Acqualify use?
       
      We use a VantageScore model which is typically within 20-40 points of the FICO score. We recommend setting your Acqualify threshold 40 points below your FICO minimum so that you can safely exclude ineligible prospects while not losing qualified leads.

      It will only display one score as shown in the images above in this article.

      Do you sell or share leads between partners?
       
      We do not sell or share leads. Our business model relies on us fixing the credit of your leads and then sending them back to you to close the loan.
      Forgot your password?
       

      Click on this link�to reset your password

      Why don't I see this?
       
      Please make sure a manager accepts the terms and conditions. A manager will have to grant you access via the permissions set on your account. 
      What is Acqualify?
       
      We're a lead intelligence company that helps mortgage teams qualify prospects with ease. Access real-time credit data without impacting your prospect's scores.
       Do you provide Hard Credit reports? Yes, see this link
      Will this be for the borrower OR coborrower ? As of 2024, This is only for the BORROWER
       
       

      If you are located outside of the U.S.A. and would like access, please email helpdesk@lendingwise.com