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
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Log into Your LenderLogix Account:
- Navigate to your account's "My QuickQuals" page.
- Navigate to your account's "My QuickQuals" page.
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Select a Borrower's QuickQual:
- Identify the borrower whose boundaries need updating.
- Go to that borrower's QuickQual menu.
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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.
- Click on "Update Pre-Approval" (or "Update Pre-Qualification" if applicable).
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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.
- Click "Next" to move through steps one and two.
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Adjust the Boundaries:
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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.
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Save the Changes:
- Scroll to the bottom and click "Save."
- This action updates the calculator in real-time.
- Scroll to the bottom and click "Save."
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!