Force a Larger Down Payment in QuickQual

In some cases, you may want to force a larger down payment in QuickQual, especially when working with borrowers with weaker qualifications. This guide will show you how to set a minimum down payment to ensure the borrower can't input a lower percentage.

Steps

1. Open QuickQual

   • Start by accessing the QuickQual file where you want to set the larger down payment. This can be a new or pre-existing file.

2. Navigate to Step 3 (Loan Information)

   • Once in the QuickQual, move to Step 3, which is labeled as the Loan Information step.
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3. Navigate to Down Payment Percentage

   • In the Loan Information section, find the Down Payment Percentage field.
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   • Enter the minimum down payment you'd like to enforce. For example, if you want to force a 10% down payment, input 10% in this field.
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4. Adjust the Maximum LTV Percentage

   • Below the down payment percentage field, locate the Max LTV.
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   • To correlate with your down payment, set the Max LTV to ensure it reflects the percentage of the loan that can be financed. In the 10% example, you would set the Max LTV to 90%.
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5. Save Your Changes

   • Scroll to the bottom of the page and click Save.

6. Preview the QuickQual

   • To check your settings, click Preview this QuickQual on Step 4.
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   • The system will now ensure that the borrower cannot enter a down payment less than the percentage you set. For example, if you set a 10% minimum, the borrower will be unable to input anything below that.
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Forcing a larger down payment in QuickQual can be a helpful tool when working with borrowers who require stricter loan terms. By setting a minimum down payment and ensuring it correlates with the Max LTV percentage, you can maintain control over the loan qualifications and provide clearer expectations for your borrowers. For any questions, feel free to reach out to our support team here at LenderLogix!