This article provides instructions for enabling electronic verification of assets (eVOA) and to manage verified assets in TPO.
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When eVOA is enabled, the borrower can link directly to their assets while completing the loan application in cPOS, which allows them to avoid entering each of their assets manually. Verified assets will then appear in the Assets tab in TPO.
A green indicator will appear at the top of the Assets table when eVOA is enabled.
To enable eVOA for cPOS, navigate to Vendor Manager: Admin > Vendor Manager.
Note: the Admin menu is only accessible to users with Administrator privileges.
In Vendor Manager, open the Assets tab and enable the toggle switch for the 'AccountChek' product
Make sure that 'Asset Everification' appears in the Product Name field
Once eVOA has been enabled, a green badge should appear on the Assets tab
View eVOA Report/Results
After a borrower uses eVOA in cPOS to verify an asset, it will appear on the Assets tab as 'Verified'
To generate a copy of the eVOA report, select one of the report period options located in the contextual menu of the View eVOA button to determine how many days should be included in the report. The options that appear in this menu are determined by the lender's configurations with the external eVOA vendor. When the report is ready, it will be available in the Assets section of the DocVault.
Select View eVOA to view the most recently generated report.
Re-Verify Expired Assets
When the verification on an asset has expired, the 'Verified' indicator will be replaced with an 'Expired' flag, and a yellow alert icon will appear in the contextual bar.
|By default, the system checks every twelve hours to see if an asset's verification has expired. However, lenders can configure the system to check at different intervals. For more information, refer to this article|
Users will also be notified by email when a borrower's asset verification has expired. Select the link in this email to open the Assets section in the loan application.
Expired assets must be re-verified by the borrower in cPOS. To prompt them to do so, first navigate to the Borrower's Needs List and re-classify the expired assets as 'Incomplete.' You can then send a SecureLink email to the borrower with a link to log in to cPOS and re-connect their assets as before.