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.
Note
For existing parties, you can add Employment and Income, and Assets and Liabilities section information.
To add Employment and Income section:
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Open the required party and select
.
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Select Employment and Income.
To add Assets and Liabilities section:
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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:
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The Legal Entity Type must be Individual.
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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:
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On the Parties tab, select
.
The Add Party window is displayed.
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For a new relationship, select New Relationship. Or for existing select Existing Relationship.
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The Relationship section is displayed with the following options:
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Business Relationship
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Individual Relationship
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Select Individual Relationship, and select Next.
The Relationship Information section is displayed.
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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:
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Rent
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Own Home
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Living with Parents
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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:
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None
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Unknown
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Insider
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Related Interest of Insider
Add Address (Select
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
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In the Role section, select the Party Type and then select Next.
Note
You can select multiple party types.
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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-
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Select
to add the previous employment details of the party
-
Select
to edit the previous employment details of the party
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Select
to delete the previous employment details of the party
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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
-
Select
-
Select
Income Type
The type of income.
The supported options are:
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Social Security Income
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Rental Income
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Pension and/or annuities
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Disability Income
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Retirement Income
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Bonus
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Dividends
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Child Support
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Others
Income Name
The name of the income.
Frequency
Specifies the frequency of the income.
The supported options are:
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Monthly
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Annual
Taxable
Select this checkbox to make the income taxable.
Amount
The income amount.
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In the Assets and Liabilities section, specify the following details about the party, and then select Next:
Field Name
Action and Information
Liabilities-
-
Select
-
Select
-
Select
-
Select
Liability Type
The type of liability.
The supported options are:
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Personal Loan
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Student Loan
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Credit Card
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Notes Payable
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Real Estate/Mortgage
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Other Expenses
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Fed and State Tax
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HELOC
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Utility Payments
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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:
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Monthly
-
Weekly
-
Quarterly
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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
-
Select
-
Select
-
Select
Asset Type
The type of the asset.
The supported options are:
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Cash
-
Cash-Savings
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Certificates of Deposits
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Notes and contract held
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Securities/Bonds
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Real Estate
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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.
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In the Consents section, perform the following mandatory actions, and then select Save:
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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
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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.
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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.
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