If an application requires a 3rd party verification, an email alert is automatically sent to the 3rd party when the applicant submits the application. The "Verification" column indicates the status of the verification: Pending, Verified, or Rejected.
1. Verification Pending: Send a reminder to the 3rd party
Applications for which a 3rd-party verification (e.g. by an employer, financial coach or counselor) is required before credit review can take place will first appear on the "Under Review - Pending Verification" page after they are submitted by the applicants. This page includes all applications for which their verifications are still pending or have been rejected.
Generally, the loan officer does not need to take any action as they wait for the 3rd party to complete the verification. Sometimes, the loan officer may find it necessary to send a reminder.
Clicking on the envelope icon in the "Verification" column riggers a system generated reminder email to the 3rd party responsible for providing the verification.
2. Ready for Screening: Return the application for re-verification
Applications that have been verified by the 3rd Party will automatically move from the "Under Review-Pending Verification" to the next step in the process: "Under Review - Ready for Screening".
However, the loan officer may decide to send the application back to the 3rd party for re-verification due to a mistake made in the verification process, e.g. the information in the verification was wrong or the verification was performed by an incorrect party.
Clicking on the envelope icon in the "Verification" column riggers a system generated reminder email to the 3rd party responsible for providing the verification. This function exists on both the "Under Review - Ready for Screening" page and the "Under Review - Ready for Initial Review" page.
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