Overview
Streamlined and secure asset verification
Today, verifying an applicant’s assets, especially for those with complex financial situations, can be tedious and frustrating for both you and the applicant. Say goodbye to time-consuming, exasperating, and manual asset verification.
The AutomatIQ Borrower Verification of Assets (VOA) system digitizes, automates, and streamlines the asset verification process, while delivering efficiency gains to asset review through AutomatIQ Borrower Assets Analysis.
VOA provides an easier and more secure way to collect asset information, such as depository and investment accounts, by going directly to your borrower’s financial institutions. Data is protected by encryption, multi-factor authentication, and virus scanning.
Seamless, fast, automated asset verification
Get results in a flash. With Cotality’s VOA solution, applicants connect to their financial institutions through our intuitive user interface, making it easy for them to share their asset data with you in minutes.
Advanced security and privacy
You and your clients can feel secure with our Verification of Assets solution's industry-grade security and privacy technology, including: strong data encryption, multifactor authentication and virus scanning.
Improved reliability and fraud reduction
By obtaining information directly from institutions in real-time, while avoiding issues of data loss or miscommunication with poorly scanned or incomplete documentation, our solution helps reduce fraud.
Seamless, fast, automated asset verification
Get results in a flash. With Cotality’s VOA solution, applicants connect to their financial institutions through our intuitive user interface, making it easy for them to share their asset data with you in minutes.
Advanced security and privacy
You and your clients can feel secure with our Verification of Assets solution's industry-grade security and privacy technology, including: strong data encryption, multifactor authentication and virus scanning.
Improved reliability and fraud reduction
By obtaining information directly from institutions in real-time, while avoiding issues of data loss or miscommunication with poorly scanned or incomplete documentation, our solution helps reduce fraud.
Unlimited data reverification for 60 Days
Say goodbye to last minute requests for updated account statements or online printouts. Refresh asset data for up to 60 days after initial link without additional re-ordering fee (as long as the applicant has not withdrawn consent).
Features
Taking asset verification to the next level
By combining VOA and Assets Analysis, AutomatIQ Borrower offers an intuitive, comprehensive asset review and validation workflow. By going directly to your borrower’s financial institutions, we deliver accurate results quickly, within a simple workflow.
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Interactive user experience
Move beyond physical documents, review all VOA assets in a single interface. Search and filter transactions and validate funds at a glance. This service is included at no additional cost for VOA analysis.
Advanced assets analysis
With applied program guidelines, you get detailed assets analysis and alerts on liquidation requirements, account ownership, terms of withdrawal, and more.
Consistent and accurate reviews
Increase consistency in evaluation and avoid loan defects with automatically applied guidelines and on-demand analysis reports with full audit trail.
Expandable to 100% assets solution
Add physical bank statement evaluation in addition to digital VOA for an additional cost. Access full evaluation of assets regardless of source.The system also offers uploaded document data extraction and in-depth analysis for potential fraud and data manipulation.
76.67%
borrower response rate to verification of assets orders when they are created and invitations are sent via the AutomatIQ portal
81.85%
of borrowers who responded to the VOA invitation went on to link at least on account and complete the verification of assets order
FAQ
How much account history is made available via the Verification of Assets (VOA) service?
While most loans require only 60 days of account history, bank statements and transaction history can be requested in the VOA order for up to two years.
What information is needed to request a VOA?
AutomatIQ Borrower requires the Loan Number, Borrower’s First and Last Name, Address, SSN, Date of Birth, Phone, and Email Address.
What’s the difference between VOA and Verification of Deposit (VOD)?
A Verification of Deposit (VOD) is a form that confirms the existence and balance of funds in an account at a given time. VOD reports generally do not report any transaction history for the account and are often limited in the types of accounts they can verify. A Verification of Assets report still provides current balances, but also provides transaction history for the account and can be used in lieu of bank statements when asset validation requires verification of account history over a period of time.
Can the borrower complete the account linking process multiple times?
Yes, the borrower’s VOA invitation is good for 60 days and they are able to return and link as many institutions as needed throughout that timeframe. Please note that only one User ID per institution can be linked per order, so subsequently adding more accounts from the same institution after they have previously selected accounts to link requires a separate order.
Can the borrower link more than one financial institution?
Yes, borrowers have the ability to link multiple financial institutions as well as multiple accounts within each financial institution.
What if a borrower’s provider is not listed? What should they do?
If a borrower does not see their provider listed for a requested financial institution, the lender has the option to allow the borrower to use a “Manual Upload” feature to directly upload their own copies of bank statements for delivery to the lender for manual review. Note that this is an optional feature and can be disabled for lenders looking for a digital-only VOA solution.
