Verification of Income
(VOI)
(VOI)
What are the types of independent contractors?
Realtor
Consultant
Freelancer
Broker
What fraud review levels need manual email review?
Fraud risk level is Trusted
Fraud risk level is Low
Fraud risk level is Medium
A related loan, older than 60 days, was previously declined or withdrawn due to the applicant receiving another loan (back end rejected for LS), do we need to add LS to new application?
No
VPN task is present but number is a landline
Click waive and Request MIDA
What are the 4 elements we focus on when reviewing the Trade section of the Credit Report?
The name of the institution, The type of credit, The date the account was opened, The credit limit
What all do we need for rental income?
Most recent year of 1040 individual tax return (including Schedule E), Current lease agreement, AND Bank statement reflecting the most recent rental deposit (this might not be the most recent BS if rent is paid less frequently than monthly) OR Bank Authentication Vendor showing deposits
What is normally requested on fraud review high?
AVC
AVC can be waived if Verify Phone Number Task is completed
MIDA
Do NOT manually request MIDA if the Verify Phone Number task IS PRESENT AND the system DID NOT add MIDA
If VOI is NOT required, most recent BS (within 40 days) for the account on file
Applicants bank will not complete a BVC. What are our next steps of action?
Request the customer add a different bank account and verify the new account with a BVC DD or have the applicant add the new account through the Bank Authentication Vendor
The account has been open < 30 days from application submission date (GIACT)
Fraud Risk Level - Trusted and Low
OK to Proceed
Fraud Review - Medium, High, and Very High
Verify DD while on the BVC/VVDD (Bank Authentication Vendor Direct Deposit)
*If the BVC DD/VVDD (Bank Authentication Vendor Direct Deposit) cannot be verified, we can not use the account. Have the applicant change the bank account on file.
What is the Family Owned Business procedure?
Escalate to supervisor, manually add in VOI (IF NECESSARY), complete BVC DD & 4506-T request
1) If income is listed on your business taxes what do you need to collect?
2) If income is listed on your personal taxes what do you need to collect?
1) Request two most recent years K-1's
2) Request two most recent years schedule C's
When do we request Veritax and add VOI?
When the system conditioned all 3 additional documents on the Very High task (W-2, Two Recent Years of Tax Return ,and 4506-T)
While following LS procedures - APL mentioned they recently took out a student loan within the past 60 days. Would this be considered a decline (no trades or inquiries)?
No
RMA condition and no bank account is present
AVC on a credible number + MIDA (all 3 docs)
True or False: A Permanent Resident Card and Social Security Card are considered Primary identification documents and can substitute for a driver's license, state ID, or passport.
False -- A Permanent Resident Card and Social Security Card are consider Secondary identification documents and cannot substitute for a driver's license, state ID, or passport.
What is the teacher pay calculation template if the APL gets paid 10 months out of the year?
___ TEACHER PAY CALC:Calendar YTD from the most recent PS.
($___)
Divided by the # of pay periods that have elapsed in the calendar year thus far.
($___ / X = $___)
Multiply by # of pay periods APL has in the months they're paid.
($___ * X = $___)
Can you call the application phone number if there is a CS phone number?
Yes, but only after you have made (2) attempts to reach the applicant on the Consumer Statement phone number.
Bank Authentication Vendor shows < 5 transactions
If income deposits are present, OK to proceed.
If income deposits are not present, have the applicant switch their bank information to the account where their income is deposited.
APL states they do not have signed SSC or Passport due to not being a U.S. citizen
Request current I-797 Approval Notice. Approval Notice must be valid for at least ½ loan term.
*Permanent Resident card is interchangeable with an I-797 Approval Notice
*If the current I-797 will expire before ½ of the loan term will have passed, request the previous, consecutive I-797. OK to proceed if history of 2 consecutive renewals are provided
*If the I-797 is for a H1B Visa, request 2 years W2 or relevant income tax documents to show that the history of renewal is tied to consistent employment. OK to proceed if a history of 2 consecutive years of employment is provided
If an applicant inquires about the reason for the need to verify residency status or about being
APL is using an Upgrade BA causing ND00 giact code - what would we do to clear this?
We'll leverage the following steps when a customer has a Upgrade Checking account:
A. Check full name, SSN and DOB to make sure it matches borrower PII on both applications.
B. Check if Upgrade checking account is older than 30 days or has 1+ DD from employer
C. Deposit account physical address needs to be cleared by CR or LxNx
If A-C all pass, verify the BV task. If A fails, will need to have the customer update their BA to one that belongs to them. If B or C fails, conduct LTC via credible phone (or waive LTC if BV task is present and verified). If completed successfully, verify the BV task
What is the correct way to calculate Trust Income?
Step 1: Annualize the year-to-date income distributions in the Applicant’s name on the trust fund account statement.
Step 2: Project the annualized amount from Step 1 over the term of the loan
For example: Annualized amount is $50,000.00 and loan term is 3 years. Projected amount is $150,000.00
Step 3: If the trust fund account statement lists the Applicant as the sole beneficiary:
Step 4: If the trust fund account statement lists the Applicant as one of multiple beneficiaries:
Step 5: Enter the verified income into VQ (along with other income sources if applicable)
What are the 5 acceptable methods to clear high risk fraud alert (HRFA)?
Selfie + ID
AVC
MIDA
VVDD
BVC DD
The name on the bank statement is a business can be cleared if?
OK to proceed if gAuth code is:
CA11
CA23
CA24
CA25
CA30
**If the gAuth code is not one of the above listed, complete a BVC DD or identify two deposits via Bank Authentication Vendor to verify the applicant is an owner of the account.
Name all reasons why we would need to flag an app sus imp
What additional steps may be needed if the paystub is missing the entire pay period?
Attempt to calculate the frequency based on the hours, Attempt to calculate the frequency based on the days inbetween pay periods, Ask the applicant, then complete a BVC DD if the income qualifies