Introduction
Lofty allows real estate agents and teams to partner with mortgage lenders for a seamless process in providing leads with home-buying and loan resources all at once. The lender access is slightly limited because it does not use the established seat limit available with a purchased package.
Lenders/Agents will have access to add notes, @tag, and collaborate with other Lofty Users within their team.
Summary
Inviting a Lender
Navigate to Personal Settings > My Organization > Lender and click Invite A Lender (if none have been added) or Add A Lender.
A pop-up window will allow you to provide the lender's contact information. If you have the "Manage User" permission enabled, you can share a lender with the users you manage. If you do not have the "Manage User" permission enabled, you can only invite a private lender and the Share with others option is unavailable.
If you want to share costs with the lender, check the Send Cost-Sharing Request box. Lenders will be instructed to add a payment method when they accept your invitation. If you only want to share your leads with the lender, leave this checkbox unchecked.
After saving the lender, they will be under the Inactive tab. Once they accept the emailed invite, they will be listed under the Active tab. The invitation can be resent by clicking the Email icon.
After the lender clicks the Accept button on the invite, they will be asked to set the password for their Lofty account. Once they have set the password for their Lofty account, they will be automatically logged in to their new account. If the lender was invited as a Cost-Sharing Lender, they will be redirected to the Lofty platform Billing Center to add a payment method.
Once the lender has logged into the Lofty CRM, their lender status will be set as "Active". A card icon will be added next to the name of lenders who have added payment methods.
To change the lender information, click the Edit icon. You can change the lender’s photo, first and last name, phone number, who the lender is shared with, and their cost sharing status. Their email address cannot be changed. Once the edits are complete, click Save.
To delete a lender, click the trash can icon in the Action column. If you cancel the cost-sharing or delete a lender, you will need to make sure that the agents the lender is shared with have canceled any cost-sharing service. If cost-sharing is involved, a pop-up window will tell who is cost-sharing with this lender.
If you delete a private lender that you are cost-sharing with, the cost of the service that you are currently sharing with your lender will be 100% billed to you, starting from the next billing date. If this lender has already been charged, they will appear under your current lender list until the first day of your next billing period. However, if this lender has not yet been charged, they will be removed immediately from your list of lenders.
Share Expenses with Lenders
Cost-Sharing of Platform Costs
If you are a team owner who wants to share your Platform bills with lenders, please contact our support team (support@lofty.com). The lenders can be billed a maximum of 50% of the platform cost.
Cost-Sharing of Lead Generation Costs
Share with a single lender:
- When you purchase lead generation services in Lofty, you can select either Pay by Myself or Share With a Lender. If you do not want to share bills with the default lender, you can remove the current lender and add another. Only lenders with a payment method can be selected.
- The lender will receive an email to review the services and cost you have shared with them, as well as Lofty's Terms of Use. (*This email will expire after 48 hours. Please contact our support team (support@lofty.com) for assistance if the email expires.)
- After they have approved, they will be billed the set amount at the same time you are charged. They will receive a receipt from Lofty for the actual amount they have been charged.
Share with Multiple lenders:
Please contact our support team (support@lofty.com) for assistance.
Lender Page
A Partner Lender Page will be added to all websites by default but will be in the "Hidden Navigation" unless there is a cost-sharing lender. A cost-sharing lender will force the Lender Page to display, and cannot be hidden to help maintain RESPA compliance.
FAQs
Why couldn't I find the lender I have invited?
The lender might not accept your invitation. Please try to find the lender under the Inactive tab on the lender list. You can resend the invitation by clicking the Email icon.
Why couldn't I find the lender I want to share the cost with when purchasing services?
Lofty only supports sharing the Homeowner Agent and Lead Generation expenses with lenders on the CRM. The lenders must add a payment method in their billing center first, then you can share costs with them. If you want to share the Platform fee with lenders or share your cost with multiple lenders, please contact support@lofty.com for assistance.
What should I do after sharing costs with my lender?
First, remind the lender to check their email to approve your request. The approval link expires after 48 hours. Once lenders have approved your cost-sharing request for any service, the system will not require them to approve again for other services. Please get in touch with our support team (support@lofty.com) for assistance if the email has expired.
What happens if my lender's payment fails?
We will try to recharge the payment method on file. If the payment fails after 7 days, you will be notified via email and an in-app banner message. If the payment does not clear by the end of the month, the balance of the bill will be added to your next month's bill.
Questions?
If you have any questions regarding this topic or any others, please reach out to our Support Team via email at <support@lofty.com>, by phone at 1 (855) 981-7557, or by chat with us through your Lofty CRM.
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