This prequal program was designed from a loan officers perspective, not a processors!
A typical prequal in Utopia would go something like this.
  • Interview the customer on the Mini-1003 program (takes about 5 minutes per borrower). If any special circumstances come up that will not fit in the spots for you to enter data, you can call up your popup comments screen any time with a single key touch.
  • Based on the above interview, decide which loan programs you feel you would like to compare for the highest prequal.
  • Enter in the corresponding rates, points, down payments (except FHA which is done for you).
  • Enter in any seller concessions. The program accomodates percents or whole dollar contributions in a multitude of ways.
  • Calculate your numbers.
  • If the numbers are acceptably high enough and your borrower wishes to proceed, print a credit report authorization letter (comes with the program) and have your customer sign it.
  • If YOU make the decision and the credit report is acceptable, print a prequal letter for your borrower and a seperate one for the person who referred them (2 minutes).
  • If you need to pass this by an Underwriter, print the Mini-1003 interview, the calculation results and attach it to your credit report for your Underwriters review.
  • You will be prompted to add this Customer and Realtor/Builder to their respective marketing databases for future contact and mailouts. It is up to you to confirm the send (15 seconds).
  • After you've faxed and/or mailed any prequal letters, it's just a matter of keeping in touch with your prequaled borrower. Utopia Originator will help you do that too.