Txt2Qual: An Automated, Mobile-Based Prequalification Tool for Lenders

In booth 427 at this year’s MBA, we’ll be launching Txt2Qual – a mobile-based tool that generates more leads for lenders by providing an applicant’s prequalification status and contact information automatically. Unique from other solutions on the market, Txt2Qual gives lenders a full credit profile and FICO® scores using a soft pull of credit, so it reduces out-of-pocket spend and won’t impact the applicant’s credit score or trigger competition.

“The market is in transition right now and lenders are in need for better lead-generating solutions,” explained Renae Sherman, Informative Research’s VP of Business Development and Innovation. “We’ve responded to this demand and created a new tool that automates one of the most difficult steps in the loan process. We plan on having a demo at our booth during the MBA conference in Denver so lenders can experience for themselves how easy it is to use.”

Using Txt2Qual, lenders can customize the credit and underwriting criteria to target qualified leads and mortgage-ready borrowers. Serviced by Experian, Txt2Qual allows lenders to automatically match each applicant to the best loan option and can easily prioritize which applicants to call first with IR’s user-friendly Txt2Qual interface.

Along with the lender experience, it also improves the applicant’s experience by making it easier for them to get in touch with the right person. Applicants simply text a lender’s custom keyword to a short code to start the prequalification process and trigger a notification to the lender.