Frequently Asked Questions
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How does Affordit work?
Affordit is a tool that uses artificial intelligence, integrating with your existing Loan Originating System. We perform a calculation (using our patented algorithm) to determine actionable ways to lower your ‘Debt to Income’. Affordit recommends ways (best suited to YOU) to save money in terms of lower interest rates, and or reduced monthly payments. By doing this, we provide actionable solutions that optimize each applicant’s financial profile, creating a smoother loan process.
As a consumer, can I use Affordit?
Affordit has created software that financial institutions are able to plug into their existing Loan Originating System. This software uses an algorithm that renders actionable solutions for each applicant to accept or decline, optimizing their financial debt profile. Ask your Financial Institution if they are a part of the Affordit network.
What is a Solution Based Outcome Report?
Solution Based Outcome Reports are created by an algorithm that analyses just about everything as it relates to your applicant’s finances; we take into account the applicant’s assets and liabilities, then render a Solution Based Outcome Report in the form of a PDF that builds several interactive scenarios that help better the applicant’s financial standing in the form of recommendations.
How long does it take to render a Solution Based Outcome report?
It’s Instant! Our Affordit Wallet Genie® is just that fast; as loan officers are completing the loan application with each applicant, we are gathering the pertaining information needed to render a quality Solution Based Outcome Report.
How is the Solution Based Outcome beneficial to my customer?
Our Solution Based Outcome Report provides applicants full visibility into their financial picture. We are able to empower each applicant with solutions to better their financial standing long term and month-over-month. By recommending ways to reduce monthly payments, lower interest rates, which in turn, reduces their Debt to Income ratio.
How is the Solution Based Outcome beneficial to the Financial Institutions?
Does processing a Solution Based Report effect the applicant’s credit score?
The Solution Based Outcome Report is not a credit inquiry and does not affect you credit score.
What Loan Origination Systems are you integrated with?
We offer a direct integration process with MeridianLink and CU Direct. If you are not using one of the LOS (Loan Origination Systems) listed, we can build a custom integration for the institution’s instance and other Loan Origination Systems not listed above. If you are an LOS that would like to partner with Affordit to offer your clients the tools to help their applicants improve their financial wellness, reach out to us at affordit.com/lets-get-started.
What is the implementation process?
At Affordit, we pride ourselves on our friction-free implementation process. Each customer of Affordit is walked through a full implementation plan that is put in motion after the customer agrees that it meets and exceeds their expectations. A typical implementation takes about 90 days.
What training is required?
Our team at Affordit prepares the training material needed to empower your employees to confidently begin utilizing our platform quickly. We have a wide variety of training delivery options to accommodate your needs, we offer: a comprehensive virtual learning center, virtual training with our Client Success team, and in-person training.
Does Affordit only work with denied applicants?
Does Affordit decision my loans?
Where do I find SOC Audit information for Affordit?
Affordit is SOC accredited by A-lign. SOC Audit information was provided in the Due Diligence Packet.
What happens after we are live?
After undergoing a friction-free implementation process, a Client Success Manager will be assigned to your financial institution and will be accountable for your organization’s success. Your Client Success Manager will provide stewardship reports, data analytics, and trends tailored to your institution, and around-the-clock support.
What if I process my loans manually, is Affordit still available to me?
Yes. Affordit offers a variety of integration points to meet your organization’s specific needs. We are able to create a custom integration process that is tailored to your financial institution. We also offer an intuitive platform with our selection of product offerings.
Batch Process for Affordit.com
What is Batch Processing?
Batch Processing is processing loan application data in bulk and rendering Solution Based Outcome Reports for review and applicant follow up.
How are the Solution Based Outcome Reports returned from a batch file?
We customize this depending on your needs. We typically provide them in a .PDF format. The files can then be sorted by Loan Application, Branch, and/or Loan Officer for easy distribution.
What are the benefits of processing batch files?
Affordit offers Batch Processing and can be used in a multitude of ways, to ensure the right cross-sell opportunities are offered at the right time. They can also be used to create target marketing for outbound sales staff.
How do I verify all the applicants on my batch file were processed successfully?
How do I re-process applicants?
In the rare case an error has occurred, simply correct the error(s) and re-submit. We will collect and recalculate a Solution Based Outcome Report for those applications.
Can I send a batch file 24/7?
Yes. Each lending institution will submit their batches when they are ready for processing, we will accept file submissions around-the-clock.
**Future enhancement will allow clients to set a schedule for batch file processing that would occur automatically.
How many batch files can I send in a day?
There is no limit.
Is there a limited number of applicants within one batch file?
We render as many Solution Based Outcome Reports as your institution submits to exceed your expectations.
Client Training Portal
How do I update my Product Rates?
At Affordit we pride ourselves on delivering a seamless experience; therefore, any product offering updates, and rate changes can be forwarded directly to: [email protected]
** future when UI complete for rate updates, insert training video.
How do I modify Product Requirements after the implementation?
At Affordit, we’ve established refined processes to make modifying product offerings as easy as possible. Please send any requirement updates directly to [email protected]. If the update requires further explanation, please reach out to your Client Success Manager and they will coordinate a time to discuss in more detail.
I have a new product, what is the process to add a New Product to Affordit?
Whether it’s simply a Rate change or a new product, all product updates should be submitted to your Client Success Manager.
How long does it take to set up a new product in Affordit?
Simple changes like Rate changes will be completed within 48 hours, more complex changes like a new product or new rules will be estimated by your Client Success Manager.
Can I get refresh training?
Yes. We recommend working directly with your Client Success Manager to schedule training that best fits the needs of your team members requesting refresher training. We provide live training through your preferred virtual channel (Zoom, Teams, GoToMeeting, etc.).
What is the process for New Hire Training?
Our team at Affordit prepares the training material needed to empower your employees to confidently begin utilizing our platform quickly. We recommend working directly with your Client Success Manager to schedule training that best fits the needs of your newly hired team members. We provide live training through your preferred virtual channel (Zoom, Teams, GoToMeeting, etc.).
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