ReadyQual is a prequalification tool that consumers can access from your web site. To prepare ReadyQual for placement on your web site, you need to do a couple quick things to make sure you have loan officer web sites setup that offer the products you want for your office.  


This involves logging in and setting up loan products that consumers can prequalify for and setting up loan officers that can offer these products. 


Content Includes:


Logging in to ReadyQual 

From the login page, enter your Username and Password as assigned by your Credit Reporting Agency.


Setting up Prequalification Products with Automated Decisioning 

You can setup ReadyQual with as many loan products as you want to see if borrowers will pre-qualify for them based on your lending benchmarks and requirements. Products can be created in the following categories: 

  • Auto (to consumer loans such as cars, trucks, RVs, boats, etc.)
  • Business Finance (business related credit cards, small business loans, etc.) 
  • Credit (to include consumer loans such as credit cards, personal loans, etc.)
  • Mortgage 

Click the Product Setup option from the menu at left.  Then, click the Plus (+) sign at upper right to add a new loan product. The blank product fields will display on the screen that you can fill out. 

  • Enter the name of the loan product in the Product Name field. For example, if you want to offer an auto-related product, you could enter “RV Loan” or “Auto Loan” as a name.
  • Select a Category for the loan product. Available categories are: 
    • Auto – select this option if the product will be a consumer automotive type of loan (to include RVs, boats, cars, trucks, pool loans, etc.).
    • Business Finance – select this option if the loan product will be for a business-related loan. 
    • Credit – select this option if the product will be a consumer credit card, line of credit, or equity loan with related lending requirements. 
    • Mortgage – select this option if the product will be a mortgage new purchase or refinance product with mortgage loan decisioning requirements. 


In this example, a new credit card loan product is being created. 

Once you have a Product Name and Category setup, you will enter the pre-qualification criteria for this particular loan product (what score range the consumer should be in, what APR and terms and percentages should be within that loan range, whether or not they have any bankruptcies, etc.). ReadyQual will take the criteria you enter here and compare it with the consumer data on the returned credit report. It will then display if the consumer is pre-qualified or not pre-qualified based on your decisioning criteria.


Scores 

Enter the score range that the consumer must be in to prequalify for this loan product. In the From field, enter the lowest possible score, and in the To field, enter the highest possible score for this product. 


Loan Range

If you have different loan amounts that the consumer can pre-qualify for based on their score (for example, the higher the score, the higher the loan amount), you can enter multiple loan ranges by clicking the green PLUS (+) sign. For example, if the consumer’s score is in a range of 600-650, they might qualify for a $5000 credit card with a higher APR, shorter term and monthly payment; if they are form 651-700, they might qualify for $6000 with a lower APR, longer term and lower monthly payment; if they are from 701 and up, they might qualify for $10,000 with even better terms and rates, etc. Your Scores and Loan Range sections might then look something like this: 

APR 

Enter an annual percentage rate here based on your lending criteria and loan programs.


Terms 

Enter the Terms here based on lending criteria and loan programs. 


Monthly Payment 

Enter a monthly payment here based on lending criteria and loan programs. 


Decline Reasons 

You can set additional credit report related criteria for why a consumer may not be pre-qualified. This includes whether or not they have had any bankruptcies in the last 4 years, if they have had any foreclosures in the last 7 years, had a short sale of a property they owned in the last 4 years, and/or had any mortgage payments that were over 60 days late in the last 12 months. The Decline Reasons are especially handy for first or second mortgage pre-qualifications.

Checking any or all of these checkboxes will prompt ReadyQual to scan through the consumer’s credit report and if any matching criteria is discovered, will decline the consumer. 


When you have added a score range, loan range, and/or decline reasons, click the Save button to save your changes.


Edit Existing Products 

Once you have a few products in your product list, you can go into any product and edit it at any time. You can change the product name, category, score ranges, etc. Additionally, you can remove a product from being available for borrowers to pre-qualify for but keep it in your list of products by clicking the Active dropdown and choosing Inactive or Deleted.

  • Active – this is the default option which will make sure this product is displayed to consumers to pre-qualify for. 
  • Inactive – select Inactive if you wish to not display this product as an option for consumers to pre-qualify for but want to keep it in your list of products. 
  • Deleted – selected Deleted if you wish to delete this product from your list of products. Be careful when selecting this option, and it will be permanently removed from the system.


Adding Users to a Product 

When you have products created, you can add a user (loan officer) to that product. This is how your staff is able to offer products: by adding a user or users to a product, each member of your staff can have their own ReadyQual page with the products you add here. Then, when consumers visit one of your staff’s web pages, they can pre-qualify for the products listed here.  

You can also offer these links out to Realtors, car dealerships, or other consumer-based lenders to control your offers but have a broader reach for your products.


To do this, click the Plus (+) sign next to the Users section to view the list of available users that you can make this product available for. Note that if you do not have any users in this list, you can follow the instructions in the User/Loan Officer Setup section to add users, and then come back to your products to add users. 


Then, click the green Plus (+) sign at the right of a user to add this user to the product. Once done, this user will be able to offer this product to consumers. 


You can allow one, two, or all of your staff to offer products.


To remove a product from a user, simply click the red “X” next to a user. That product will instantly be removed from their offering.


User/Loan Officer Setup 

To get started, click the User Setup menu option at right to view existing Loan Officer users and add new Loan Officer users.

  • Click the Plus (+) sign at top right to add a new user. 
  • Fill out the fields as shown below.  

  • The Name, Email, Phone and Cell fields are self-explanatory. 
  • Enter a Username and Password that this user will use to login to ReadyQual with, then confirm the password by entering it a second time. 
  • Type – select the Type of user that you are entering. Available options are Administrator, Supervisor, and Originator. 
    • Select Administrator if this user should be able to see and manage all other users and their orders in the system. 
    • Select Supervisor if this user should see all orders for all users, but not manage loan products.
    • Select Originator if this user should only see their own orders. Originators cannot view or manage other users or their orders.
  • Loan Types – select which of your loan products this user should be associated with on their web page. Then, when a consumer visits this user’s web page, the consumer will be able to pick which product or products they want to be pre-qualified for. 
  • Click the Create User button. Once done, this user can login to ReadyQual, and will have their own unique web link they can put on their web site as a pre-qualification tool for borrowers. 


User Web Link 

Once a user has been created, they will be assigned a unique web site link – also known as URL – that they can access, copy, and paste onto the HTML code on their own web site. They can then direct consumers to this site to pre-qualify for the loan products that they have been setup for. 

To get this web link, on the User Setup screen, then click the down-arrow at right to expand the detail for that user. 

In the user detail section, you will see a section called Web Address. This is this user’s unique website URL that has been assigned to them.

Users can copy and paste this link and place it in the HTML code for their website. 

They can also click on this link to get a preview of what the consumer will see when they visit this user’s pre-qualification site. 


Editing Company Detail 

You can view and edit your company information by clicking the Client Setup menu option at left.


On the Client Setup screen, you can view the company detail, and click the pencil icon at top right to edit these details. 


To change or implement your own branding, use the Primary Color, Secondary Color, and Tertiary Color pickers to select colors that reflect your brand. Click the Preview Branding button to view an example of what the colors you picked will look like to consumers.


Working with Credit Files in Your Inbox 

Your Inbox is where all the credit reports that consumers order on themselves will be delivered to. Here, you can view all the orders, as well as whether the consumer was pre-qualified or not, which user’s website the pre-qualification came in from, which loan product the consumer was interested in, a link to the actual credit report, and other details. 

The username in blue at the left shows the loan officer whose page the order came in from, while the rest of the data shows consumer name, the product they are interested in, the reference number, the date, and the status. 

  • The bright green Pre-Qualified indicator means that the borrower has been pre-qualified for that product.
  • The red Not Pre-Qualified indicator means that no offers were available for the borrower. 


Click on any entry here to expand the detail for that order and that consumer. 


Expanding the detail on an order shows you the information for this order, including a link to the actual credit report. All the data fields here are self-explanatory.

  • Click the View Report button to open the credit report and view it. 
  • Click the Remove From Inbox/Archive button to keep your inbox clean, and to no longer display this order entry. 

Reports 

The Reports menu lets you create your own activity tracking and management reports to keep track of your orders. Click the Plus (+) sign to create your own management reports. Start by giving the report a name, choosing if this report will be just for you or for others in your company, and then move on to selecting the data fields that the report will compile for you. Please note at least one report field is required. 

Reports are very useful for regulatory compliance as well as activity tracking: you can prove to any auditors that the consumer Opted In to their credit being pulled as well as showing the consumer's IP address at the time of the order.


Management reports can be downloaded to your local computer in a .CSV file format, which can then be opened and viewed in Excel.