Assets and Liabilities

  • Updated

Note

This section is displayed for parties whose Legal Entity Type is Sole Proprietorship or Individual.

The Assets and Liabilities section displays a party's assets details (resources owned by a party) and liabilities details (obligations of the party). These details are provided while creating an application through SMB or Consumer portal or Q2 Origination or adding a party in Q2 Origination.

Note

Along with the application capture, the liabilities details are also populated from the credit report that is pulled using the Meridian Link integration.

The back-office user can edit or delete the details or add new information as well.

Steps

To perform any of the actions (edit/delete/add) on the assets and liabilities details:

  1. Log in to your Salesforce account.

  2. Go to image idm3559 (App Launcher) > Applications.

  3. On the Applications tab, and from the list of applications, select the required application.

    The loan dashboard is displayed.

  4. Go to Parties> Assets and Liabilities.

    Liabilities

    Field Name

    Description

    Action

    Add New Liability

    In the Liabilities section, select image idm18808 (Add New Liability) to add new liability details, and then select Save.

    Note

    A party can have more than one liability.

    Edit Row

    In the Liabilities section, select image idm18813 (Edit Row) to edit the liabilities details, and then select Save.

    Note

    You can edit all the fields displayed in this section.

    Delete Row

    In the Liabilities section, select image idm18818 (Delete Row) to delete the liabilities details, and then select Save.

    Liability Type

    This field represents the type of obligation (liability) the party has with another entity.

    The supported options are:

    • Personal Loan

    • Student Loan

    • Credit Card

    • Notes Payable

    • Real Estate/Mortgage

    • Other Expenses

    • Fed and State Tax

    • HELOC

    • Utility Payments

    • Family Expenses

    • Other

    • Automobile

    • Other Unsecured Installment Loan

    • Other Secured Installment Loan

    • Other Unsecured Revolving Credit

    • Other Secured Revolving Credit

    Name of Creditor

    This field represents the name of the entity with whom the party has the obligation.

    Amount Owing

    This field represents the outstanding amount that the party needs to pay the creditor to satisfy the obligation.

    Payment Amount

    This field represents the amount that the party pays to the creditor every week or month or quarter, or year.

    Payment Frequency

    This field represents the frequency in which the party makes payment to the creditor.

    The supported options are:

    • Weekly

    • Monthly

    • Quarterly

    • Yearly

    Total Liabilities

    This field represents the total obligations owned by the party.

    Liability Detail (In the Liabilities section, select image idm18823 (Liability Detail) to edit the liability details.)

    Original Amount

    This field represents the total amount borrowed by the party from the creditor.

    Secured by (Lien)

    This field represents whether the liability is secured by collateral and the lien position of that collateral.

    Interest Rate

    This field represents the rate of interest at which the party has borrowed the amount from the creditor.

    Comments

    This field represents the comment or the additional note specified by the back-office user.

    Include for DTI

    This field specifies whether to consider the liability in calculating the DTI.

    Note

    This field is default selected for all the liabilities populated from the credit report pulled using the Meridian Link integration.

    Debt Consolidation

    This field specifies whether this liability will be paid off using the loan amount the party is applying for now through this loan application.

    Ownership

    This field represents whether the party is a single borrower or there is a co-borrower as well.

    The supported options are:

    • Joint

    • Single

    Assets

    Field Name

    Description

    Action

    Add New Asset Information

    In the Assets section, select image idm18808 (Add New Asset Information) to add new asset details, and then select Save.

    Note

    A party can have more than one asset.

    Edit Row

    In the Assets section, select image idm18813 (Edit Row) to edit the asset details, and then select Save.

    Note

    You can edit all the fields displayed in this section.

    Delete Row

    In the Assets section, select image idm18818 (Delete Row) to delete the asset details, and then select Save.

    Asset Type

    This field represents the type of asset that the party owns.

    The supported options are:

    • Cash

    • Cash-Savings

    • Certificate of Deposits

    • Notes and Contracts held

    • Securities/Bonds

    • Real Estate

    • Other

    • Other Liquid Assets

    Asset Description

    This field represents the asset description, such as a four-wheeler of the brand BMW.

    Market Value

    This field represents the current market value of the asset.

    Market Value Date

    This field represents the date on which the asset's value is appraised.

    Total Assets

    This field represents the total assets owned by the party.

    Net Worth

    This field represents the value of all the assets owned by the party minus the value of all the liabilities held by the party.

    Asset Detail (In the Assets section, select image idm18823 (Asset Detail) to edit the asset details.)

    Account Number

    This field represents the account number of the party, which they have opened as a savings or fixed deposit account.

    Note

    This field is applicable for the following Asset Type:

    • Cash-Savings

    • Certificate of Deposits

    Original Amount

    This field represents the total price associated with the purchase of an asset.

    Comments

    This field represents the comment or the additional note specified by the back-office user.

    Date of Acquisition

    This field represents the date on which the party acquires/owns the asset.

    Institution Name

    This field represents:

    • The name of the FI where the party has opened the savings account or a fixed deposit account, or

    • The name of the real estate company or

    • The name of the automobile company or so on