Once liabilities have been entered or Imported into the Liabilities table on the Application > Borrower screen, they can be opened and edited. For information on pulling credit and importing liabilities into a file, refer to knowledgebase article 8102 Pulling Credit and Importing Liabilities.
To edit a liability:
1. From within the loan file select the Application tab.
2. Click Borrower from your left menu bar.
3. Scroll down to the Liabilities table.
4. Click the liability you want to modify to open the Edit Liability window.
For this article, we will use a blank liability screen, so the window will read Add Liability instead of Edit Liability, but all functions are the same.
5. Review and modify the available fields as appropriate for the liability.
a. If applicable, complete any Company Address Information in the fields below the Company Name field.
b. Use the Account Type and Liability Type dropdowns to change or enter the Type information.
i. Changing the Credit Account Type will automatically change the Liability Type to the best match, but the Liability Type can be changed to any option available in the dropdown.
ii. If Mortgage is selected as the Credit Account Type the Mortgage Loans section will automatically open.
iii. If Other is selected for the Liability Type the Other Description field will open.
c. If an Account Number is not populated but is applicable, enter one in this field.
d. The (FHA) Original Debt Amount will auto-populate based on information in the credit report and is locked by default unless the Loan Type dropdown on the Application > Loan screen is set to FHA.
e.The (FHA) Automobile Make and Year fields only apply when the Liability Type matches Automotive Lien.
f. The Current column (Balance, Monthly Payment, and Payments Remaining) will all populate based on information pulled from the credit report unless manually entered.
g. Use the available checkboxes as applicable to mark the status the liability will hold at closing.
i. If marked Paid off at closing the Paid Off field will open.
1. This field will automatically populate the current Balance but can be edited to match the amount that is to be paid off.
h. If the liability type is marked as a Mortgage / Mortgage Lien use the Mortgage Loans section to select the Mortgage Type for this liability, enter any applicable Credit Limit, and use the available checkboxes as may apply.
i. Click the Save & Close button to save your changes and close the Edit Liability window.