Assets and liabilities

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.

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  (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 (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 (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 (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  (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 (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 (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 (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 (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