Add 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.

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:

1. On the Parties tab, select .

   The Add Party window is displayed.

   

2. For a new relationship, select New Relationship. Or for existing select Existing Relationship.

3. The Relationship section is displayed with the following options:

   1. Business Relationship

   2. Individual Relationship

4. Select Individual Relationship, and select Next.

   The Relationship Information section is displayed.

5. 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

6. In the Role section, select the Party Type and then select Next.

   Note:

   You can select multiple party types. 

7. 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.

8. 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.

9. In the Consents section, perform the following mandatory actions, and then select Save:

   1. 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

   2. 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.

   3. 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.