Sonar automatically pulls liabilities from the borrower's credit report. You can also manually add liabilities.
Liability Types
Liability | Description | Additional Information Required |
Installment | Debt installment payments | Credit limit, PAC |
Revolving | Revolving debt | Credit limit, PAC |
Amex/Diners | American Express or Diner's Club card | Credit limit, PAC |
Unsecured Line | Unsecured lines of credit | None |
Mortgage | Additional mortgages | Credit limit, PAC |
Child Support | Child support/alimony owed | None |
Contingent | Potential future liabilities | None |
Rental | Rent owed | None |
Home Equity Line of Credit | Home equity loan | Credit limit, PAC |
Proposed Mortgage Liabilities
Once pricing is selected, a proposed mortgage liability will be added. This liability can only be edited by adjusting the pricing in the Pricing tab.
Excluding Liabilities from DTI
You can mark a liability as excluded from the debt-to-income ratio. You can mark the debt as paid from proceeds or excluded based on other approved exclusionary reasons.
Linking Liabilities to REOs
To link a mortgage liability to an REO, select it in the Linked REO dropdown menu while creating or editing a liability.
Adding an REO in the REO tab will automatically create a corresponding liability in the Liabilities tab. This liability cannot be edited manually, and it will update to reflect changes to its corresponding REO. For more information, see the REO documentation.