Skip to content
  • There are no suggestions because the search field is empty.

Update an Existing QuickQual's Boundaries

Let's walk you through the process of updating an existing QuickQual's boundaries, even after it has been sent out and shared with a borrower or agent. This feature is particularly useful if there are changes in the borrower's financial situation, such as receiving a raise or incurring additional debt.

Why Update QuickQual Boundaries?

You might need to update an existing QuickQual's boundaries for several reasons:

  • Borrower Received a Raise: The borrower can afford higher payments or bring more cash to the closing table.
  • Borrower Took on More Debt: You need to adjust the boundaries to be more conservative to account for the increased financial obligations.

As an originator, you have complete control over all of the data in a QuickQual. You can modify the information at any time, even after it has been distributed. Nothing is set in stone, ensuring flexibility and accuracy throughout the loan process.

Step-by-Step Guide to Updating QuickQual Boundaries

  1. Log into Your LenderLogix Account:

  2. Select a Borrower's QuickQual:

    • Identify the borrower whose boundaries need updating.
    • Go to that borrower's QuickQual menu.

  3. Update Pre-Approval:

    • Click on "Update Pre-Approval" (or "Update Pre-Qualification" if applicable).
    • This will present you with the same screen you saw when you initially generated the QuickQual and walk you through Steps 1 through 4.

  4. Navigate to Step Three:

    • Click "Next" to move through steps one and two.
    • Once on step three, scroll down to the "Maximum Limits for Borrowers" section.

  5. Adjust the Boundaries:

    • Increase your Boundaries (e.g., after a raise) or Decrease your Boundaries (e.g., after incurring more debt) by selecting the fields, Maximum Qualified PITI and/or Borrower's Available Cash.

  6. Save the Changes:

    • Scroll to the bottom and click "Save."
    • This action updates the calculator in real-time.

 

Updating QuickQual boundaries is a simple yet powerful tool to ensure your borrowers' information remains accurate and up-to-date. This flexibility helps maintain clear communication and accurate loan processing.

For any further assistance, don’t hesitate to reach out to us at support@lenderlogix.com!