oPOS: Loan Application – Personal

 

The Personal section of the loan application displays the personal information of the primary borrower and any co-borrower. This information serves as an important starting point for lenders to determine which loan products the borrower is eligible for.

 

Table of Contents

• Overview
• Borrower Information
• Title Information
• Add or Remove a Co-Borrower
• Add or Remove a Non-Borrowing Spouse
• Invite a Borrower to Complete a Task Online
• Summary

 

Overview

The "Personal" page represents the first section of the 1003 loan application that borrowers are prompted to complete. If the borrower is competing their loan application online, the information that they provide in the Personal section will automatically populate the fields on this page. Conversely, if the borrower is offline, their information can be entered directly into these fields. 

The "Personal" page collects the following pieces of information about each borrower on the loan application:

• name
• contact information
• date of birth and SSN
• employment status
• citizenship status
• marital status

On this page, users can also add, remove, or convert any co-borrowers on the loan.

To access this page, open the loan menu and select Personal

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Borrower Information

This section is used to provide important personal information about the primary borrower and contains the following fields (fields marked with a red asterisk* are required):

	Name First Name* Middle Name Last Name* Suffix
	Contact Phone 1* Phone 2  Phone 3  Email
	Employment & Background Employment Status* Citizenship*  Military Service* - military service info is used in the <VA Center> Surviving Spouse of Vet
	Personal Date of Birth* - enter the date manually or use the calendar to choose a date SSN*  Marital Status* Dependents - enter the total number of dependents and their ages  Total Number of Members in Household
	Lead Information How did you hear about us? Referral Contact Lead Source Lead ID

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Title Information

This section is used to provide important information about how the title will be held on the subject property. This section contains the following fields:

Names to be on Title* - separate names with a comma Manner Title Held

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Add or Remove a Co-Borrower

If the borrower is borrowing with their spouse or partner, this page can also be used to collect information about the co-borrower.

To add a spouse or partner to the loan, first make sure that the borrower's Marital Status is set to 'Married' or another relationship with a partner who has legal property rights in your state

Then make sure that the value of the toggle switch labelled Spouse or registered partner going to be on the loan? is set to 'Yes'

When this switch is enabled, the personal information fields below will appear for the borrower's spouse or partner. Complete these fields to add them as a co-borrower

 

Remove a Spouse/Partner 

If you want to remove an existing spouse or partner as a co-borrower, select the Remove Borrower button.

A separate window will then ask if you want to convert the co-borrower into a non-borrowing spouse who is not on the loan but whose name appears on the property title. Checking this box will remove the co-borrower's information from the loan but keep their record as a non-borrowing spouse (NBS). If the box is left unchecked, their information will be removed from the loan entirely. If you are removing a borrower after credit was previously run on the loan, this modal will also include options to re-run credit automatically or manually.

Click Proceed to remove or convert the co-borrower.

Note: any liabilities associated with co-borrower that has been converted to an NBS will be transferred to the primary borrower and their disposition towards the corresponding liability on the Credit page will then be set to 'NBS.' If you remove a co-borrower from the loan completely, their liabilities will be removed from the loan (except for jointly-held liabilities)

 

Switch the Borrower and Co-Borrower

In some cases, you may want to switch the primary borrower and co-borrower on the loan. To do this, select the checkbox labelled Switch Co-Borrower to Borrower. If credit has already been run on the loan, liabilities will be updated to reflect the converted borrower's liabilities.

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Add or Remove a Non-Borrowing Spouse

To add a non-borrowing spouse (NBS) to the property title, first make sure that the borrower's Marital Status is set to 'Married' or another relationship with a partner who has legal property rights.

Change the value of the toggle switch labelled Spouse or registered partner going to be on the loan? to 'No'

A new toggle switch labelled Spouse or registered partner going to be on title? will appear. Set the value of this switch to 'Yes'

The same borrower information fields listed above will appear on the page to collect the NBS's personal information. 

 

Remove or Convert a Non-Borrowing Spouse

If you want to remove an NBS or make them a co-borrower, select the red Remove NBS icon

A separate window will then ask users if they want to convert the NBS into a co-borrower. Checking this box will create a new co-borrower on the loan with the NBS's personal information. If the box is left unchecked, the NBS will be removed from the loan entirely. Click Proceed to remove or convert the NBS.

You can also convert an NBS to a co-borrower by selecting the Switch NBS to Co-Borrower checkbox.

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Invite a Borrower to Complete a Task Online

From the "Personal" page, you can send an email to the borrower with a SecureLink to invite them to complete certain tasks through the consumer site (cPOS), such as completing the loan application, signing disclosures, or providing supplementary documentation. (Note: this option is only available when the consumer site has been enabled for your branch)

To send a SecureLink email to the borrower, click Invite to Complete a Task Online

If the borrower has not yet used the consumer site, you will need to set them up as an online user. The following window will prompt you to enter and confirm their email address. Check the 'Yes' radio button to indicate that the borrower is an Online User. Additional fields will then appear to set up a security question and answer that the borrower will use to activate their online account. Once you have completed these fields, select Create Account.

After the borrower's online account has been created, select Send SecureLink to open an email composition window. Here, you can Select a Type of SecureLink to Send in order to invite the borrower to complete a particular task. Each SecureLink type includes an email template that will automatically populate the email with the borrower's information. The available SecureLink templates can be configured in Email Management. 

Edit the subject and email body as desired and click Send. The borrower will receive the email, which will contain a link that they can use to activate and access their account on the consumer site.

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Summary

The "Personal" page collects important information about the borrower(s), including their name, contact information, and marital status. From here, users can add or remove other borrowers to the loan and send SecureLink emails to invite the borrower to complete certain tasks on the consumer site.