The Borrower Tab is where basic borrower information is input as well as any additional borrowers or co-borrowers.
The Age field will populate based on the Date of Birth.
If adding dependents, the Dependents Ages need to be separated by commas.
In the middle section of the Borrower Tab, next to Present Address there is a check box next to Same as property. If this check box is marked, all subject property address information from the Property Tab will populate.
If the Years field located in the Present Address Section is left blank, users will not be able to continue to a new tab. If the Years and Months fields in the Present Address Section do not total two years or more, a soft-stop window will display letting the user know that a minimum two year living history is required. Clicking OK will direct the user to the new tab while clicking Cancel will keep the user on the Borrower Tab to complete the two year living history. To add additional living history click the Add Former Address button located directly under the Mailing Address section.
The LOS will support up to four borrowers input in the combination of borrower/co-borrower & borrower/co-borrower.
When the Add Co-borrower button is selected the LOS will pull joint credit for both the borrower and co-borrower.
When the Add Borrower button is selected the LOS recognizes two separate borrowers and will pull individual credit as well as separate Applications, one for each borrower.
In the Co-Borrower Information Section, next to Dependent Ages, there is a Completed drop-down list where users can select Not Jointly or Jointly.
DocMagic Users:
If Not Jointly is selected, the document package will generate two separate applications, one for each borrower. If Jointly is selected, the document package will generate one application for both a borrower and co-borrower.
IDS Users:
This field does not pass to IDS. When the Add Co-Borrower button is used, the LOS will pull joint credit and IDS documents will always return one 1003 with both applicants listed.
Once the Co-borrower Information section is completed and the Borrower Tab has been saved, a new Switch Borrower and Co-Borrower hyperlink will appear in the blue Borrower Information header. When the hyperlink is selected, a message window will display. Clicking OK will switch the current borrower and co-borrower positions. Another message window will display asking if the user would like to adjust manner in which title will be held and title holders. Clicking OK will direct the user back to the 1003 > Property Tab. By clicking cancel, the user will remain on the Borrower Tab.
In the Co-Borrower Information header, there is a blue Delete Co-Borrower hyperlink. When a user selects this hyperlink, a message window will display verifying if the user would like to delete the co-borrower information. Selecting OK will delete all of the co-borrower information. Another message window will display asking if the user would like to adjust manner in which title will be held and title holders. Clicking OK will direct the user back to the 1003 > Property Tab. By clicking cancel, the user will remain on the Borrower Tab.
When the 1003 > Terms Tab > Mortgage Applied For drop-down list displays FHA, VA or USDA/RHS there will be a field next to the SSN field for each borrower for the CAIVRS number.