Banking Verifications

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Overview

• Generate Verification of Assets (VOA) and Verification of Assets & Income (VOAI) reports.
• Generate closing Verifications of Employment (VOE).

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How it works

1. Borrowers are invited to securely connect their financial accounts.
2. An asset verification report is automatically generated and added to the Encompass® eFolder.
3. Additional asset reports and closing verification reports can be ordered within Encompass®.

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Ordering verifications

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Select asset verification service

1. Select a loan in Encompass®.
2. Under Services:
   • [Web] Select All Services and then Order Service. In the pop-up, click Verifications under Categories.
   • [SmartClient] Select Order Verifications.
3. In the pop-up, select Finicity - Verification of Assets under Providers. Then click Next/Submit.

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Ordering initial verification reports

1. Make a selection within the Account History and Permissible Purpose dropdowns.
2. Enter the email address of the borrower and toggle the Order button ON.
3. Enter the email address(es) you want notified when an asset verification report is ready.
   The initial report type is determined by the Company Experience ID provided during Admin Setup.

   • Verification of Assets (VOA) is the default initial report type.
   • Reach out to your Argyle customer success manager if you prefer Verification of Assets & Income (VOAI) as the default initial report type.
4. Click Submit to order the report.
5. Submitted orders will initially appear with a Pending status.
   • Once the order is submitted, borrowers are sent an email asking them to connect their financial accounts.
   • You can select the Resend action to send another email to the borrower if needed.
   • Verification reports will automatically be pushed to eFolder when the order is Completed.
   

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Retrieving reports

1. Click on icon under Received Docs after the order is Completed.
2. View and download the report from the Document Viewer window.

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Ordering additional/closing reports

1. Toggle the Refresh Report button ON after the order is Completed.
2. In the pop-up, select your preferred report type:
   • Verification of Assets (VOA)
   • Verification of Assets & Income (VOAI)
   • Verification of Employment (VOE) — used for closing
   

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Borrower experience

1. The borrower will receive an email asking them to securely connect their financial institutions after an initial verification report is ordered.
2. The borrower will then be guided through the process of logging in to their financial institutions to establish a data connection.
3. For each financial institution, the borrower will select which associated accounts to connect.

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Test profiles

1. To test borrower connections, use sample banking credentials to log into either the FinBank Billable or FinBank Oauth Billable financial institutions.
2. For specific scenario testing, the following sample users are also available:

   	Sue Wealthy	River Paycheck	Alex Student
   Username	sue_wealthy	river_paycheck	alex_student
   Password	profile_700	profile_703	profile_704
   Description	Sue is working as a Product Manager with a good steady income, a mortgage, and multiple investment accounts. She has a loan account and leases a car. Sue travels a few times a year. She has typical expenses like groceries, clothes, entertainment, gym membership, car expenses, and she has a pet.	River works in construction. He rents an apartment and has typical expenses like groceries, clothes, entertainment, household and car expenses. He has some savings but no investments, no loans and no credit cards. In some months, River’s expenses exceed his income.	Alex is working full-time with a good salary but she is still paying off her student loan. She makes regular monthly repayments, but she still has over $30,000 to pay off. Alex has typical expenses like groceries, clothes, entertainment, household, and car expenses. She has limited savings and she has started an investment account.