Approval Flow
What task must be completed first, Consumer statement or Income?
Consumer statement
Applicant submits a VC with address mismatch, what additional verification is needed?
Nothing okay to proceed
Do you need to clear an address mismatch on an ID that we can't clear via LexisNexis nor Credit Report ?
No
What does OFAC stand for?
The Office of Foreign Assets Control “OFAC” administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives.
You are on an IB call attempting to complete a BVC. The applicant's bank refuses to assist, advises cant complete the call, and the applicant doesn't have an additional BA. In this scenario, what should we advise to the applicant?
Advise Applicant of Decline, Unable to Verify Bank Account
Name two elements we look for when finicity is present ?
Employer deposit ( Must Match PS direct deposit )
UI benefits
Loan deposits over 2k
More then 5 transactions
Applicant's bank on the application is a checking account for Chase. Applicant submits MRBS which reflects a checking and savings account, and the savings account has a negative balance. Is there further verification needed, and if so, what?
Any document submitted under applicant's name with a negative balance DOES require additional steps, and we must request income.
What 3 general guidelines when reviewing ANY identification document?
1. Determine if anything is forged or suspicious.
2. Ensure all (4) corners of the document is visible.
3. Ensure all information is clear/legible Verify the information printed on the document is part of the original document.
- I.e. no labels attached
4. Ensure identity documents are not screenshots or an image of an image
What is Finicity AO?
It is a system in the BV task which detects name and address discrepancies with the application submitted and bank information collected via our bank login.
Applicant submits their most recent internet bill which reflects a different address then what is on the application. How do we clear the address on Fraud Review?
A UB is the final verified address always, you can clear the Fraud Review address with the UB.
What is Direct pay, and can an applicant request to opt out at any moment?
Direct Pay gives borrowers the option to directly pay off their eligible debt as an alternative to receiving the funds into their bank account. (Discounted rate and must allocate 50% of Loan Amount)
Applicants may have the option to request opting out of direct pay requirement depending on if an offer exists.
What are the four methods to verifying an applicants bank account?
VC
MRBS
BVC DD/BVC
Bank Authentication Vender (Finicity)
Name three forms of Identifications we can accept?
1. U.S. Drivers License
2. U.S. ID
3. Tribal ID
4. U.S Passport
5. Passport card
6. Military ID
What is considered a "touch" per our call logic?
An email and a call must be completed to consider it a touch.
The application address is missing home number, remaining address matches credit okay what is the next step?
Okay to proceed, as long as the rest of the address matches. Notate the omission.
On the "Work Flow Diagram", What are the three Mini-tasks that can halt the funding process if not completed, but you can still approve if not completed?
1. Email Verification
2. Credit Union Registration
3. Direct pay
Is this statement True or False and explain why:
While on a BVCDD for the bank verification , the representative at the financial institution refuses to verify applicant SSN. If the bank refuses to disclose SSN, advise of decline.
False, we can request a SSC to clear the inability to clear SSN on a BVC.
VOR task is required on a PL. Applicant is on the phone and cant provide ANY docs since they recently moved. Per confluence, what is the next step to attempt to verify residence?
Attempt to complete BVC if applicant cant complete advised of decline.
TRUE or FALSE, and explain your reason.
While reviewing application you notice VPN was completed, VPN normally waives AVC. Consumer statement is present, we can waive since VPN completed?
False, consumer statement must always be completed on credible number. As this indicates applicant submitted a request to credit bureaus to be aware of fraud or mistaken identity.
Applicant submits a bank statement in Spanish, are we able to accept?
No. Currently, we are only able to accept documents in English.
When completing any task that requires a BVC DD, when should a three way call with the bank be conducted as a way to clear said task?
BVCDD should always be the last step in the approval process.
When on a BVCDD, the bank representative confirms different amounts then what paystubs on file reflect. What is the appropriate next step?
Send the application for fraud decline (AA = Unable to Verify Income)
There is a city name mismatch on Fraud Review, and the remaining address is a match, what must be done to clear VOR?
Okay to proceed! (Notate discrepancy)
Is the ID fraud or okay to proceed?
Fraud
Nonstandard term ID for the State of New York reflects 4 years, renewal ID go up to eight years.
Loan is a 36 month term PL ID was issued in 2022 expires November 2026, what are the appropriate steps to clear ID?
ID is nonstandard, but expires passed the half life of the PL okay to proceed.