Meet with Borrower
During the meeting, expectactions are set and the process is explained to help the borrower submit the application.
Verify Income and Employment
The process of verifying income and employment is based on income and employment type.
Verify Assets
The process of digitally verifying assets includes a few simple steps.
Review and Submit
Assess data accuracy, collect additional information, and submit.
Add Report to Casefile
Borrower Meeting
Ask permission to pull a credit report.
Ask the borrower about income type and employment type to understand which report(s) to order.
Ask the borrower for permission to use digital validation to verify their asset, income, and/or employment information as needed.
Permission to digitally verify assets
View Process
After the borrower gives permission to digitally access their asset accounts, proceed to use the DU validation service.
Permission to digitally verify assets
Check out how loan officers are explaining the DU validation service to customers
Borrower didn't give permission this time? Don't sweat it — not all borrowers will say yes. In this case for assets, you can collect the documentation manually.
Permission to digitally verify income and employment
View Process
After the borrower gives permission to digitally verify income and employment, proceed to use the DU validation service.
Permission to digitally verify income and employment
Questions?
Once you have the borrower’s permission to run asset verification, offer to talk them through the steps. Check out asset verification steps!
Pro Tip
Select the process below based on the type(s) of income your borrower has.
Depending on the type(s) of income your borrower is using, you may need to complete both processes.
Did you get a hit with The Work Number (TWN)?
Refer to your report provider's SLA to determine turn around time.
Pro Tip
Initiate the process to send borrower a link or email to kick off the digital asset verification process
Borrower searches for their financial institution(s)
Asset Verification Report
Borrower finds their financial institution(s)
Borrower authenticates their financial institution(s) and selects account(s)
Asset verification provider sends asset verification report to lender
Congrats!
You ordered and received the report.
Have you ordered the income/employment verification report or Tax Transcript(s)?
The borrower may not be able to find their financial institution(s). If that's the case, revert to collecting documents to verify assets.
Move through this interactive workflow to learn how to add the DU® validation service to your process.
Assess the accuracy of the 1003 and the verification reports. Ensure what's entered in the loan application matches the verification report data, and ensure that there is no contradictory or conflicting information in the report. Ask the borrower any additional questions you have. Collect any other required information.
Enter the report(s) reference ID(s) in DU. Note: If using the ABLN process with Equifax, DU will request the report using the Lender Loan Number captured in DU.
DU assesses the loan application and reports, and it generates the DU Findings report. Review the Findings report to determine validation status.
Digitally validate assets, income, and employment in DU
Congratulations! You have validated your borrower's assets! Job well done.
Assets validated?
If assets are not validated, proceed with documentation as indicated in the DU Findings report and revert to collecting documents.
Assets validated?
If employment is not validated, refer to the DU Findings report for documentation needed and revert to collecting documents.
VOI/VOE validated?
Employment validated?
Nice job! You have successfully validated your borrower’s employment.
Next: Add report to casefile
Next: Add report to casefile
Add report to casefile
Nice job!
Make sure you check the DU Findings report and comply with the messages. And remember, documentation may still be required from the borrower for any non-validated components.
Order tax transcript
Tax transcript provider sends tax transcript(s)
to lender
Tax Transcript
Income verification and employment verification report provider sends report to lender
Congrats!
Are you able to digitally verify information?
Order income verification and employment verification reports
You may not be able to digitally verify income and employment. If you can’t, revert to collecting paper documents.
If your borrower is not comfortable giving permission to digitally verify income and employment, you can always collect the documentation manually.
Before you move on to the Review & Submit step, complete the Verify Assets steps if your borrower granted permission for digital asset verification.
Have you ordered the asset verification report?
You ordered and received
the report.
Congrats!
Select the process below based on the type(s) of assets your borrower has.
If your borrower is using different types of asset accounts to qualify for the loan than the types listed below, revert to collecting documents manually.
Before you move on to the Review & Submit step, complete the Verify Income & Employment steps if your borrower granted permission for digital income and employment verification.
Did your borrower give permission?
If the borrower does not give permission for digital asset validation, you can still verify their assets manually. You can also ask permission for digital employment/income validation.
If you don't see your borrower's income type listed, revert to collecting paper documents.
Have you ordered the asset verification report?
Before you move on to the Review & Submit step, complete the Verify Assets steps if your borrower granted permission for digital asset verification.
You ordered and received
the report.
Have you ordered the asset verification report?
If income is not validated, refer to the DU Findings report for documentation needed and revert to collecting documents.
Income validated?
Income validated?
Great! You have successfully validated your borrower’s income.
Next: Add report to casefile
The loan must close within the date outlined in the DU message (for employment, that is ten calendar days from the date that the report is obtained). Learn more about timing tips for income and employment verification!
Employment validated?
Discuss with your borrower which financial institutions and accounts they want to use to qualify for the loan, so they understand which institutions and accounts they should select later on in the process.
Remind the borrower to carefully review the institutions and accounts they’re selecting. They should only select the account(s) which they are owners/joint-owners of and hold the assets they would like to use to qualify for the loan.
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Meet with Borrower
During the meeting, expectactions are set and the process is explained to help the borrower submit the application.
Verify Income and Employment
The process of verifying income and employment is based on income and employment type.
Verify Assets
The process of digitally verifying assets includes a few simple steps.
Review and Submit
Assess data accuracy, collect additional information, and submit.
Add Report to Casefile
Eligible Income Types
Eligible Asset Types
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