Everything You Need To Know About the Loan Application – Cloudvirga

The loan application is broken up into six sections: Personal, Property, Assets, Credit, Declarations, and Income.

You may navigate freely to and from each section once you have entered at least the borrower’s name. Alternatively, you may use the previous and next buttons at the bottom of the screen.

When all fields have been completed in a section, a green check mark will appear next to the section title.

Personal

Click here to learn how to manage/create a user account

Property

Buying Stage

For purchase transactions, the buying stage can be changed from the property screen.

Additional Property Details
Click on additional property details to enter more additional information about the property.

Assets

Click on the blue Add Item icon in order to add a line item for additional assets.

Credit

Click on the blue Run Credit button to pull a new credit report

You will be prompted to record the borrower's verbal authorization by clicking Accept.

Once the credit has been ran, the decision score will be displayed next to the borrower’s name. You can click on the blue i to get additional information regarding the other credit scores. The credit file can be accessed by clicking on the PDF credit report icon.

Schedule of Real Estate

Liabilities identified as a mortgage will appear in the real estate section. If they are here in error, they can be moved down to the liabilities section by clicking the blue down arrow.

Click on the blue edit icon to enter detailed real estate information.

Associate the liability with an existing or new address
Comment on the disposition of the property
Specify lien position
Enter property tax amount
Enter Home Owner Ins payment

Liabilities

The liability section contains a list of all liabilities with a reported balance/payment on the credit report. The icons next to the creditor name will help easily identify if an account is held jointly, individually or an authorized user.

Miscellaneous Expenses

Additional expenses such as child support or reimbursed business expenses can be entered in this section.

Declarations

The declarations sections should be completed in its entirety.

Income

Previous or second employment can be added by clicking the blue Add Employer. Other income can be entered by clicking the blue Add Item, specifying the income type and amount.

Loan Details

Loan Details Functionality

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