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 only add one Co-Borrower. For files with more than two borrowers, the LO will have to add borrowers manually.
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: The primary borrower is the only borrower who can log into the POS to enter information and upload documents. If you switch the primary borrower, invite the new primary to log in.
Verifying Email
You must also verify the borrower's email address. You can do this within Sonar by clicking 'Verify.' This is useful for situations where you are talking directly to the customer and it would be disruptive to have them check their email.
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.
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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