108
Calyx Software
Loan Application
5
Enter the cash/market value of the following assets:
The
Real
Estate
Owned
field is populated from the information that is entered in the
Schedule of Real Estate Owned
section.
a
Enter the vested amount of the borrower’s pension or retirement funds to which
they have access in the
Vested
Interest
in
Retirement
Funds
field.
b
If the borrower owns an interest in a sole proprietorship, partnership, or
corporation, enter the net worth of the business in the
Net
worth
of
business
owned
field.
c
If the borrower owns any stocks and bonds, complete the
Stocks
and
Bonds
,
Shares
, and
Total
Amount
fields with the name of the stock, the number of shares,
and the total value of the shares.
d
Complete the
Life Ins: Face Amt
fields if the borrower has any life insurance
policies. Enter the face amount of the policy in the first field, and the cash value of
the policy in the second field.
Point calculates the
Subtotal
Liquid
Assets
.
6
Complete the
Automobile(s) Owned
fields:
a
Enter the year, make, and model for each automobile owned.
b
Enter the market value of each automobile.
7
Enter any remaining property of value in the
Other Assets
section. These assets might
include furniture, art, jewelry, or other personal items. Itemize them or aggregate them
as necessary.
Point calculates and displays the total value of assets.
Entering liabilities
The
Liabilities
section documents information about a borrower’s debts and expenses to
ensure their ability to make the mortgage payments.
Related information
•
For information about creating a separate application for a co-
borrower, refer to
Creating new co-borrower loan files
, on page 73.
•
Refer to Chapter 8,
Verifications
, for more information about the
Verification of Deposit
screen.