In an application for a Mortgage, this Asset must be added to the financials to get an accurate Net Worth.
What is a Real Estate asset?
100
You have to manually enter any liability that does not pull in from Add CU/CB entries. To do this click Add Items, then this button from the Financial or A&L page.
What is Add Liability?
100
Income flows into the Financial summary from these two pages.
What are the Employment tab of the Applicant's page, and the Financial Page (or A&L page)?
100
A related expense had already been added in the doxim app can be linked to another financial item by clicking this, and then choosing the related expense(s) from the list.
What is Add Related Expense- Existing?
100
Property taxes can be added to the financials as an example of this type of financial.
What is an expense?
200
By marking an asset as CON, the value of the asset will not be included in this value on the Financial Landing page.
What is the Net Worth or Assets total?
200
Though both expenses and liabilities may incur an ongoing payment, liabilities are different because they have an outstanding this that the member is responsible for.
What is an outstanding balance?
200
No income entered in this section of the Applicant page > Employment tab will be included in the Financial Summary or Debt Servicing calculations.
What is the Second/Previous Employer section?
200
Expenses can be included in the GDS calculation only when this box is ticked in the expense View/Edit panel.
What is Primary Residence?
200
Any item that is to be included in the GDS calculations must be marked as this.
What is Primary Residence?
300
When added into the rental calculator, a rental loss will only be included in this calculation if the Real Estate is marked as Primary Residence.
What is the GDS calculation?
300
The first step to uploading financials for any Doxim app is this, where existing Liabilities get pulled in from DNA and the Equifax report.
What is Add CU/CB entries?
300
If you do not know an applicant's monthly salary, you can use this calculator to get the monthly income amount from annual, biweekly or weekly income.
What is the Set Salary calculator?
300
Any expense that has impacted a member's financials up to the moment the new loan or mortgage is funded, but will not continue to affect the financials after the new loan or mortgage is funded should have an Adjustment of this.
What is CON?
300
Items that have been adjusted one of these two ways will not be included on the Financial Landing page summary calculations.
What is CON or EXC?
400
These are the three ways to add an asset to a Doxim app?
What are Add CU/CB Entries, Add New Asset and Add Related Asset?
400
To link liabilities to related assets, click on the asset then click this.
What is View/Edit?
400
If you do have a second income to include in an app, be sure to add it on this page to ensure that the value is included in the debt service calculations.
What is the Financial Page or A&L page?
400
You can tell an Expense is linked to another financial item because they share this on the Financial/A&L page.
What is the same line?
400
To learn more about the values that make up the debt servicing values, hover over the GDS(Q) or TDS(Q) on this page, and click the blue information button.
What is the Financial landing Page or Financial Summary Page?
500
When updating financials for any subsequent applications, you have to first update existing links between financial items by setting them to this, before you can Add CU/CB entries.
What is Mark for Update?
500
Before you can mark an existing liability as CON, you must first create this, so the liability's outstanding balance will have somewhere to go.
What is create the new Loan or Mortgage?
500
If an income will not begin until after the new lending product is finalized (for example rent in the subject property) choose this adjustment on the income to help explain how this income will affect your applicant's financial situation.
What is New?
500
An expense differs from a liability in that an expense does not carry a this, while a liability does.
What is balance?
500
GDSQ can also be spotted, along with Aggregate totals on this page.