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C-7 · Credit, Creditors and Debt-to-Income

Draft page

Captions marked [confirm] and the "Open items" section are still being verified against the live product.

Book C — Daily User Guide · Part 2 Applicants & Intake · draft v1 (2026-08-29)

Who: loan coordinators When: alongside income determination (▸ C-6), before approval. Where: project window ▸ APPLICATION ▸ App Review ▸ Financial Review ▸ Debt/Expenses sub-tab — the Household Member Credit Report(s) grid, with the credit-history ticks below it. 📷 C07-00

C07-00-debt-expenses.png

What you'll end up with

The household's monthly debt payments listed, giving the Debt/Income Ratio shown on Financial Review; existing mortgages carried over to the property record for the equity check; and the credit-history questions (bankruptcy, foreclosure, credit and tax verification) answered for the file.

Part A — Creditors

  1. On Debt/Expenses, add one row per obligation: Name on Account (household member), Creditor, Account #, Type (mortgage, auto, credit card, …), Balance and Monthly Pmt.
  2. Monthly Payments (total) updates as you type, and Financial Review recalculates Debt/Income Ratio = Payment Total ÷ Monthly Income (▸ C-6 shows the ratio beside the determination).
  3. Transfer Mortgage Amounts [confirm caption] copies the mortgage rows to the Property Profile so the Mortgages figure there matches (▸ C-9) — used by the loan-to-value check. 📷 C07-01 Debt/Expenses with three creditor rows and the Payment Total.

Part B — Expenses

  1. The Expenses list (not on this sub-tab — confirm where) records recurring household expenses (utilities, insurance, taxes …) for the file and the income worksheet. Add / delete rows with its buttons; they don't affect the debt ratio.

Part C — Credit history

  1. Under the grid tick Bankruptcy and/or Foreclosure if applicable — the year box beside each becomes enabled only when ticked (and is cleared if you untick).
  2. Tick CreditVerified and TaxesVerified once you have the credit report and tax transcripts on file. These are also read by the approval checklist. 📷 C07-02 Credit-history block.

Part D — Mortgage verification and equity

  1. Mortgage Verification [confirm caption] merges the Mortgage Verification Letter to the first-deed-of-trust lender. It needs the lender's name and address entered first — otherwise "Required First Deed of Trust Document Recording Information is Missing. Please enter this information on this page – in BOLD Blue."
  2. When you enter the Loan Amount on the Application Review, HousingOS checks it against available equity — 95 % of Appraised Value minus Mortgages. If it's higher you're asked "Loan Amount Exceeds Available Equity!!" — OK reduces the loan to the available equity; Cancel keeps your figure.

Watch-outs

  • The ratio uses Monthly Income from the income determination — if income hasn't been entered the ratio shows 0.00 %, not an error.
  • Enter every mortgage as a creditor — the equity check and the property record rely on the transferred figure.
  • Deleting a creditor asks for confirmation; there is no undo.
  • "No Document Set-Up For This Coded Name 'Mortgage Verification Letter'" — template missing for the program; agency administrator (▸ B-7).

Screenshot shot list (Demo backend)

Shot Where What to capture
C07-00 Debt/Expenses sub-tab whole tab (locks captions)
C07-02 credit-history block Bankruptcy/Foreclosure/Verified ticks, wherever they live

Video script — "Debts and credit" (target 1 min)

# On screen Narration
1 Debt/Expenses "List each debt with its balance and monthly payment. The payment total feeds the debt-to-income ratio on Financial Review."
2 Transfer Mortgage Amounts "Transfer Mortgage Amounts copies mortgages to the property record for the equity check."
3 Credit-history ticks "Record bankruptcy or foreclosure with the year, and tick Credit Verified and Taxes Verified when the documents are in."
4 Outro "Next: application processing checklist."

Open items for John (this chapter)

  • credit-history location / columns confirmed 08-29.
  • ⚠ UI: the button under the grid is captioned Command34 — needs a real caption (Transfer Mortgage Amounts?). Where is Expenses?