The Borrower tab asks for information about the borrowers. It is also where you can add a co-borrower. It can be found within the Application collection.
To complete the Borrower tab, click the Edit (Pencil) button and provide the following information for each borrower:
First and last name
Email address
Street address
Birthdate
Social Security number
Phone number
Citizenship
Gender
Marital Status
Race
Ethnicity
After you have filled out information about the primary borrower, you can add a co-borrower.
Adding a Co-Borrower
Click the Manage Borrowers button and then select Add Borrower.
Note: In the POS, the primary borrower can add more than one co-borrower. Each co-borrower gets their own invitation to log in and complete their part of the application. To invite borrowers from Sonar, see Inviting and Managing Borrowers on a Loan (https://help.yoursonar.com/en/articles/17445985-inviting-and-managing-borrowers-on-a-loan )
Adding a Borrower Pair
Select Add New Pair to create a new borrower pair. To add a borrower to this pair, select the Add Borrower button next to the new pair.
Swapping the Primary and Co-Borrower
To make the Co-Borrower the Primary borrower, drag and drop to switch the borrower positions.
Note: Every borrower can log into the POS to complete their own part of the application and upload documents. If you switch the primary borrower, the previous primary keeps their account and stays on the loan as a co-borrower. If the new primary does not have an account yet, invite them to log in.
Verifying Email
You must also verify the borrower's email address. To verify this within the LOS, open the menu on the borrower's card and click Verify Email. On a co-borrower's card, the same menu also has Disable Account and Delete Borrower.
Borrower Consent
You must get consent from the borrower for the terms of service, privacy policy, electronic communications, and credit authorizations. When you have received their consent, check off the appropriate consent forms. The checkmark will turn blue and display the date and time the consent was checked off. Each borrower who logs into the POS gives their own consent there.
Note: You will not be able to perform a credit check until you confirm that the borrower has consented to the credit authorization.
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