Adding Multiple Scenarios to a QuickQual

Let's explore how to incorporate multiple scenarios into a QuickQual, allowing you to provide borrowers with a thorough comparison of different loan options. Whether it's a conventional loan with minimal down payment or an FHA scenario, QuickQual enables you to seamlessly present various possibilities to your borrowers.

Step 1: Set Up Initial Scenario (Example: 30-Year Conventional):

  • Navigate to Step 3 in a QuickQual and ensure all details for the initial scenario (e.g., 30-Year Conventional) are accurately entered, including interest rate, down payment, and mortgage insurance rates.

Step 2: Add Another Scenario:

  • Click the "+" button towards the top of the screen to add a new scenario.
  • Choose the desired program (e.g., FHA) for the new scenario. The tab's title will update automatically to reflect the new program.

Step 3: Edit the New Scenario:

  • Edit the FHA scenario by adjusting parameters such as interest rate, down payment, and mortgage insurance rates to reflect the FHA program specifics.
  • Modify qualifying parameters or add concessions if needed.

Step 4: Save and Review:

  • Save the changes.
  • Now, you'll notice little arrows besides the calculator's header, indicating multiple scenarios are available for review. The user can switch between scenarios by clicking on the arrows:

Step 5: Letters Reflecting Changes:

  • When issuing a letter, note that the program details are automatically updated based on the selected scenario. The letter will clearly mention the chosen program, such as "30-Year FHA."

If comparing two loan programs isn't enough, you can add another scenario. One QuickQual can host up to 3 scenarios!

For instance, you may want to add a third scenario for a different type of conventional loan. Label the scenario descriptively, and update the interest rate and mortgage insurance details accordingly. Once you save the changes, you can easily switch between the scenarios in the calculator. Each tab will reflect the specific details you've configured.

QuickQual allows you to run up to three scenarios simultaneously, making it a powerful tool for comparing various loan options. If you have further questions, consult our Learning Center or reach out to the LenderLogix support team for assistance.