Add a Party
Select this to add a party and its details (such as relationship information, Employment, income, assets, and liabilities held by the party) to the application.
For existing parties, you can add Employment and Income, and Assets and Liabilities section information.
To add Employment and Income section:
Open the required party and select .
Select Employment and Income.
To add Assets and Liabilities section:
Open the required party and select .
Select Assets and Liabilities.
Prerequisites
Before you proceed to add a party, ensure that the following prerequisites are met:
The Legal Entity Type must be Individual.
Party Types are configured. To know how to configure various Party Types, see Q2 Origination Administration Guide > Setting up a party type.
Steps
To add a party:
On the PARTIES tab, select .
The Add Party window is displayed.
For a new relationship, select New Relationship. Or for existing select Existing Relationship.
The Relationship section is displayed with the following options:
Business Relationship
Individual Relationship
Select Individual Relationship, and select Next.
The Relationship Information section is displayed.
In the Relationship Information section, specify the following details about the party, and then select Next:
Field Name Action and Information Last Name Specify the last name Middle Name Specify the middle name First Name Specify the first name Email Specify the valid email id Mobile Phone Specify the contact number Birthdate Select the date of birth Other Phone Specify the alternate contact number Social Security Number Specify the social security number Legal Entity Type Search for the legal entity type and select it Marital Status Select the marital status Country of Citizenship Specify the country Permanent Resident Select this checkbox if the specified address is the permanent address of the party Country of Residence Specify the country name where the party is residing
Note:This field is displayed if the Permanent Resident checkbox is not selected.
Residential Status Select the residential status.
The supported options are:
Rent
Own Home
Living with Parents
Other
Monthly Payment Amount Employee Select this checkbox if the added party is an employee of your organization Insider Relationship Select whether the added party is an Insider or Related Interest of an Insider.
The supported options are:
None
Unknown
Insider
Related Interest of Insider
Add Address (Select to add the address of the party)
Street Specify the address details Address Line 2 Specify the additional address details of the party such as landmark City Specify the city name State/Province Specify the state name Zip Code Specify the zip code Country Specify the country name Start Date Select the date from which you are staying at this address or you stayed at this address End Date Select the date till which you stayed at this address. If you are staying at this address now, do not select the end date. Current Address Select this checkbox if you are currently staying at this address Mailing Address Select this checkbox if it is your mailing address Previous Address Select this checkbox if you are not staying at this address In the Role section, select the Party Type and then select Next.
Note:You can select multiple party types.
In the Employment and Income section, specify the following details about the party, and then select Next:
Field Name Action and Information Current Employment Information Employer Name Employer Street Start Date The current employment start date. Employer City Monthly Income Employer State Employer Country Employer Zipcode Position Specifies the employer position. Type of business The type of business held by the employee. Occupation The employer occupation. Self Employed If this checkbox is selected, the employee is self-employed. Previous Employment Information-
Select to add the previous employment details of the party
Select to edit the previous employment details of the party
Select to delete the previous employment details of the party
Select to specify more details about the previous employment of the party
Employer Name The name of the employer. Start Date The start date of the previous employment of the employer. End Date The end date of the previous employment of the employer. Employer Street The details of the Employer's address. Employer State Employer City Employer Country Employer Zipcode Title Employer Contact Number Monthly Income The monthly income of the current employment. Other Income-
Select to add a new come details of the party
Select to edit the previous employment details of the party
Select to delete the previous employment details of the party
Income Type The type of income. The supported options are:
Social Security Income
Rental Income
Pension and/or annuities
Disability Income
Retirement Income
Bonus
Dividends
Child Support
Others
Income Name The name of the income. Frequency Specifies the frequency of the income.
The supported options are:
- Monthly
- Annual
Taxable Select this checkbox to make the income taxable. Amount The income amount. In the Assets and Liabilities section, specify the following details about the party, and then select Next:
Field Name Action and Information Liabilities-
Select to add the liability details of the party
Select to edit the liability details of the party
Select to delete the liability details of the party
Select to specify more details about the liability of the party
Liability Type The type of liability.
The supported options are:
Personal Loan
Student Loan
Credit Card
Notes Payable
Real Estate/Mortgage
Other Expenses
Fed and State Tax
HELOC
Utility Payments
Other
Name of Creditor The name to whom the amount is needs to be credited. Amount Owing The amount owed by the party. Payment Amount The payment amounts. Payment Frequency The frequency for the payment amount.
The supported options are:
Monthly
Weekly
Quarterly
Yearly
Original Amount The original amount of the liability. Secured by (Lien) This field specifies the mortgage values provided by a bank or any authority. Interest Rate The amount of interest due per period is a proportion of the amount lent, deposited, or borrowed (called the principal sum). Comments This field stores the comments. Include for DTI If the checkbox is selected, it is included in the debt to income calculation. Debt Consolidation If this checkbox is selected, it determines the debt consolidation of liability. Ownership The ownership can be single or joint. Assets-
Select to add the asset details of the party
Select to edit the asset details of the party
Select to delete the asset details of the party
Select to specify more details about the asset of the party
Asset Type The type of the asset. The supported options are:
Cash
Cash-Savings
Certificates of Deposits
Notes and contract held
Securities/Bonds
Real Estate
Other
Asset Description The brief information about the asset. Market Value The market value of the asset for the present date. Market Value Date The date for which the market value of the asset is mentioned. In the Consents section, perform the following mandatory actions, and then select Save:
Select the Electronic Consent checkbox if the party wants to receive consent documents or disclosures electronically.
If this checkbox is not selected, the system throws the following error:
Please sign Electronic consent
Select the Confirm Intent to Apply Jointly checkbox to capture evidence of joint intent.
Note:The Confirm Intent to Apply Jointly checkbox appears only for Party Type = Borroweror Co-Borrower.
Select the Credit Check Consent checkbox if the party authorizes you to check their credit and employment history and agrees to answer permissible questions, under the Fair Credit Reporting Act, if others ask about the credit record.
If this checkbox is not selected, the system throws the following error:
Please sign Credit Check consent.
The Credit Check Consent checkbox is also visible on the Partydetails page.