The Assets section of the loan application displays information about the borrower's existing assets, including any financial assets (stocks, bonds, CDs, etc.), credits, gifts, or grants. Here, users can add or remove assets to the borrower's loan application.
This article provides instructions for manually adding assets on this page. To learn more about verifying assets electronically, refer to this article
Table of Contents
Overview
The "Assets" page provides a record of the assets that belong to the borrower and any co-borrowers on the loan. If the borrower is competing their application on the consumer site (cPOS), any assets that they provide will appear on this page. Conversely, if the borrower is offline, this page can be used to add or remove any assets from the borrower's loan.
This page is divided into the following asset types:
- Financial Assets (stocks, bonds, CDs, etc.)
- Other Assets & Credits (cash on hand, seller proceeds, credits, etc.)
- Gift Funds & Grants (gifts of cash or equity, government grants, etc.)
The loan application is accessible within the Application tab in the navigation bar
Each section of the loan application is represented by a corresponding tab that appears below the stepper navigation bar when the application is opened.
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Add a Financial Asset
Each row in this section represents one of the borrower's financial assets. To create a new row in this section, click Add Financial Asset
Complete the following fields to provide information about the borrower's asset:
- Borrower - if there are multiple borrowers on the loan, use the drop-down menu to select the name of the borrower to whom the asset belongs
- Asset Type* - use the drop-down menu to select which kind of asset the borrower owns:
- Bonds
- Bridge Loan Proceeds
- Certificate of Deposit
- Checking
- Individual Development Account
- Life Insurance Cash Value
- Money Market
- Mutual Fund
- Not Required
- Retirement
- Savings
- Stock Options
- Stocks
- Trust Account
- Financial Institution* - enter the name of the financial institution where the borrower's asset is held. This field uses type-ahead technology to look up financial institutions based upon the text entered.
- Account # - enter the borrower's account number
- Cash or Market Value - enter the value of the borrower's financial asset
You can review or edit the contact information for the borrower's financial institution by selecting the blue info icon, which opens a separate window that contains the following fields:
- Name - name of the financial institution
- Attn - name of preferred contact person for the financial institution
- Phone - phone number for the borrower's financial institution
- Fax - fax number for the borrower's financial institution
- Email - email address for the borrower's financial institution
- Street Address - financial institution's street address
- County - county where the financial institution is located
- State - state where the financial institution is located
- Zip - 5-digit ZIP Code where the financial institution is located
If you want to remove an asset from this section, click the red icon (
) next to the row that should be removed
The total value of all added financial assets appears at the bottom of this section
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Add Other Assets and Credits
Each row in this section represents an alternative asset type or a financial credit. To create a new row in this section, click Add Other Asset
Complete the following fields to provide information about the borrower's asset:
- Borrower - if there are multiple borrowers on the loan, use the drop-down menu to select the name of the borrower to whom the asset belongs
- Asset/Credit Type - use the drop-down menu to select which kind of asset the borrower owns:
- Description for Other Assets - if an 'other' asset type is selected, a description box appears. Enter a brief description of the asset in this box.
- Cash or Market Value - enter the value of the borrower's asset
A green 'Verified' flag in the row indicates that the corresponding asset has been verified electronically by the borrower. If this column indicates that the verification has expired, you will need to ask the borrower to re-verify their assets in cPOS.
If you want to remove an asset from this section, click the red icon (
) next to the row that should be removed
The total value of all added assets and credits appears at the bottom of this section
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Add a Gift or Grant
Each row in this section represents a gift or grant owned by the borrower. To create a new row in this section, click Add Gift Fund or Grant
Complete the following fields to provide information about the borrower's asset:
- Borrower - if there are multiple borrowers on the loan, use the drop-down menu to select the name of the borrower to whom the asset belongs
- Asset Type - use the drop-down menu to select which kind of asset the borrower owns:
- Cash Gift
- Gift of Equity
- Grant
- Source - use the drop-down menu to select the source of the gift or grant:
- Community Nonprofit
- Employer
- Federal Agency
- Lender
- Local Agency
- Parent
- Relative
- Religious Nonprofit
- State Agency
- Unmarried Partner
- Unrelated Friend
- Other
- Description for Other - if 'Other' is selected as the source, a description box appears. Enter a brief description of the asset in this box.
- Deposited - select this box if the cash gift or grant has already been deposited into a bank account. When selected, this amount will be included in the borrower's bank assets.
- Cash or Market Value - enter the value of the borrower's asset
| Deposited (amount included in bank assets) |
 |
| Not Deposited (amount added to total bank assets) |
 |
If you want to remove an asset from this section, click the red icon (
) next to the row that should be removed
The total value of all added assets and credits appears at the bottom of this section
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