Quickly Adjust Interest Rates in Bulk

In a volatile rate environment, it's crucial to keep the interest rates used to calculate payments up-to-date. This guide will walk you through how to use the "Adjust QuickQual Rates" feature within your QuickQual menu to ensure accurate and current rate information.

Accessing the Adjust QuickQual Rates Feature

1. Locate your account's navigation Menu:

   • Select the "Adjust QuickQual Rates" item.
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2. View Clients:

   • Loan Officers: You will see a list of your own clients.
   • Managers/Administrators: You will see a list of all clients in your branch that you have access to.

Updating Interest Rates

1. Search for a Client:

   • Use the search bar at the top to find a specific client.
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2. Sort Clients:

   • Sort any column to organize your list. For example, click the "Loan Type" column to group all conventional loans or FHAs together.
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3. Adjust Interest Rates:

   • Locate the column titled Rate on the right-hand side.
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   • Update the interest rate by clicking on the current rate and entering the new rate. For instance, change a rate from 7.8% to 7.5%.
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Important Considerations

• Warning Indicators:
  • After updating an interest rate, you may notice that the number turns red. This indicates that the payment has exceeded the borrower's maximum PITI boundary.
    • Example: If a borrower's maximum PITI boundary is $2,700 and the previous payment was under $2,700 based on a lower interest rate, an increased rate may push the payment above the client's limit, signaling a potential issue with loan qualification.
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