As an updater/processor, you will often need to verify an account with the subscriber (creditor/grantor, collector, employer, or landlord). You can do this quickly and easily by opening the account that needs to be verified, generating a verification for the account in question, and printing a hardcopy of the verification to your local printer. The printed verification can then be mailed to the subscriber. This document covers verification printing as well as the many features included in this process that you have at your disposal. If you are setup for it, these can also be faxed to the subscriber, including the Borrower’s signature page.
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The Account Verification Process
A verification usually comes from requests from your client – these can be in the form of an RMCR, or in the form of a message that your client gives you stating that an account requires verification from the subscriber before the loan process can continue.
You can begin by finding the Borrower’s report that requires an account verification and opening this request in XpertOnline. Open the request by double-clicking on it. The request will then open into the Request Detail screen.
Once the request is open, you need to go to the Accounts section – located at the lower right of the Request Detail screen – find the type of account that requires verification (usually, these are Trades, Employments, or Addresses), and double-click on it.
When the account detail screen opens, you need to find the account that requires verification. When you have found the account in question, you can single-click on it so that it is highlighted.
Once the account is highlighted, click the Verify button, located at top right in the Actions section. This opens the account verification prompt, or the Service for [Name of Account] screen.
At the Service for [Name of Account] screen, there are numerous custom options that can be set prior to generating the verification form.
- Reason or Comment – here, you can input the reason that the verification needs to be performed on this account. You can either type in a reason or comment, or you can click the drop down arrow for a list of preset reason/comment phrases. This helps the subscriber know why the verification needs to be performed. Note that if you do not input anything into this field, the information in the Additional Information section will print instead. If there is information in this field and in the Additional Information section, the information in the Reason or Comment field will print.
- Include Account Info – this checkbox includes some of the information for the actual account that is being verified on the form. This gives the verifying party (grantor, creditor, collector, landlord, employer) the opportunity to see the account information as it exists on the report and to compare their data with the report data.
- Send To – this field includes the information of the party that will perform the verification. You can add, edit, or remove any information from this field as necessary.
- Lookup – the Lookup button is a handy tool for finding subscriber information in the event that no information is present for this subscriber. This button opens your rolodex and automatically searches for any matching or closely-matching account names and subscriber names. You can then populate the matching rolodex information into the Send To field automatically.
- Phone – this field reflects the phone number of the subscriber. If it is not present, you can type it in. Or, click the Lookup button to scan your subscriber rolodex for phone number information for this subscriber.
- Fax – this field reflects the fax number of the subscriber. If it is not present, you can type it in. Or, click the Lookup button to scan your subscriber rolodex for fax number information for this subscriber.
- Additional Information – you can type any notes or other information in this field as necessary. Your client will not see the notes or information that you may input into this field; however, the subscriber may see the information you type into this field. If, for whatever reason, the Reason or Comment field is blank, the information in this field will print in its place on the verification form. Note that there is a 50-character limit on this field for printing purposes. If there is information in this field and in the Additional Information section, the information in the Reason or Comment field will print.
- Billing Charge – if you have pricing setup on the product that this request was ordered with for Web, Phone, and Fax user service requests, you can check a corresponding checkbox. This price will then be added to the total price of the report that your client will be billed for. If you do not wish to charge the client for this verification, make sure the No Charge checkbox is checked (this is checked by default).
- Service Level Priority – use this drop down list to set the priority level of this account verification. This is usually used in conjunction with the Get Next/Workflow feature. The priority level here determines if extra work needs to be done to rush the completion of this verification, or if there is no hurry on completing this account verification.
- Standard – this is the default. When set, this account verification should be worked on in the normal flow of work.
- Silver – when set, this account verification should take precedence and be worked on before any account verifications that are set as Standard.
- Gold – when set, this account verification should take precedence and be worked on before any account verifications that are set as either Silver or Standard.
- Client User Name – this is the name of the user at the client’s office that ordered the report you are working on. This does not print on the verification form
- Print Verification – this will always be checked by default if you click the Verify button. This indicates that you are printing a verification for the account you have selected.
- Take Ownership – if this request is unassigned, you can check this checkbox so that this verification service, as well as the entire request, will be assigned to the currently logged in user. Keep in mind that in XOP, individual services on a request cannot be assigned to a user – only entire requests can be assigned to a user. Therefore, when you take ownership of a service, the entire request is assigned to you by default.
- OK – click this button to generate the verification form.
- Cancel – click this button to abort the printing of the verification form.
When you have all of the custom settings configured, click the OK button to generate the verification form.
When the form generates, your information as a credit reporting agency will appear at the top left along with all of your contact information. Below this, the subscriber information (Central Furn. TV & A) will appear. Keep in mind that the subscriber information may not be complete, as this only reflects the amount of information in your rolodex.
To the right of the subscriber information is the name of the person that generated the verification form, the report’s reference number, the date that the verification was generated, and the reason for the account verification.
Below this is the Borrower information – name, address, SSN, and if applicable, the date of birth and/or age. If this account is individual, it will only list the individual person’s name, address, and SSN, etc. For example, if you generate an employment verification on the spouse, only her information will appear – not his.
The rest of the information is to be handled by the subscriber, or the recipient, of this verification form.
To print this form, click the Print button at top right of this screen. The form should now be available in your local printer. You can then mail this form to the subscriber.
If you attempt to print a verification on an account that already has a verification on it, you will get a prompt that informs you of this: “Already sent for Verification – do you want to resend?”
Once you receive the completed verification form from the subscriber, you can open this report and update this account per the information on the form you received from the subscriber.
Finding Printed Verification Forms
To locate a verification form that you already printed on a report, you can locate the report that you’ve printed the verification for from the main XOP screen by right-clicking on it and choosing the Print Request menu option.
This opens the Print screen that stores all of your previous print jobs. In the lower section, you can find any verification forms that have been printed as long as the Show Verifications checkbox is checked.
If you wish to reprint the verification form from this screen for whatever reason, it will print out exactly as it was generated originally. This includes the date that the verification form was generated – the date will not change to reflect a change in the date.