The Debt Consolidation Worksheet allows you to consolidate the consumer debt for any type of refinance. This worksheet is most beneficial when it is used in conjunction with a credit interface provider, which saves the step of manually entering the liabilities.
To access the Debt Consolidation Worksheet:
1. Open a Prospect or Borrower file.2. From the Menu bar, select Marketing > Debt Consolidation.
If you choose not to use a credit interface provider that automatically populates the liabilities, you must enter the debts the customer is carrying by clicking the New button on the right side of the screen.
3. Complete the following fields: Company Name, Account Number, Type of Account, Balance, Payment, Months Left, and whether the account will be paid off. (If the debts are already entered on Page 3 of the Loan Application, they transfer automatically.)
4. When you have entered all the liabilities, verify the accounts that will be paid off. If an account has been marked Paid Off, it displays an X next to the company name on the left side of the screen. To indicate that a liability is to be paid off, double-click the liability.
- Optional: Complete the Cash Outfield in the middle of the screen.
- Click Loan Pg(Loan Program) to select a pre-set loan program. Click CC Scenario(Closing Cost Scenario) to select the closing costs for this loan. If you do not select a loan program or closing costs scenario, you can manually fill in the Truth-in-Lending form and Good Faith Estimate.
- Be sure to indicate the loan type, residency status, and lien position if the information hasn’t transferred from other screens.
- Enter the new Term and Interest Rate.
- Enter the applicant’s income by clicking the Income button at the bottom of the screen.
- Click the Calculate New Loan button.
Note: The total Payments for Revolving accounts are figured on a 5-year payoff, unless the number of months is specified under the Liability information.