The assets tab holds information about assets that the borrower(s) owns.
Completing the asset tab
You must specify the following information:
Description
Asset Type
Amount
Date (automatically set to today's date; should be updated to match the ending date of statement provided)
Liquid Assets
Sonar will automatically mark the asset as liquid or not depending on the type of asset selected (see chart below). If the asset is marked as not liquid, the asset will not be used in calculations for cash to close.
Asset Types
Asset Type | Liquid by Default | Additional Notes |
Escrow | Yes | Description should specify the custodian for the account |
Checking | Yes |
|
Savings | Yes |
|
Brokerage | Yes |
|
Retirement | Yes |
|
Gift | Yes | Description should specify from whom the gift came, and their relationship to the borrower. |
Business | No |
|
Life Insurance | Yes | Amount should be cash value. |
Stock | Yes |
|
Bond | No |
|
Interest | No |
|
Private Investment | Yes |
|
Proceeds | Yes |
|
Earnest Money | No |
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Other | Yes | Description should specify what the asset is. |
REO Assets
Adding an REO in the REO tab will automatically generate an asset based on the value of that REO. If the REO is marked as "plan to sell," Sonar will calculate a proceeds asset based on the value of the REO minus obligations for the REO being sold.