Verification of Gifts and Grants

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This feature was introduced with Encompass 19.3. (View the release notes)

Use the Verification of Gifts and Grants (VOGG) to capture gifts or grants the borrower, co-borrower, or both are using for the loan. When you add liabilities on the VOGG, the first two entries display in Section 4d on the 1003 URLA Part 4. All VOGG entries display on the printed output form, provided the Does Not Apply checkbox is not selected for Section 4d on the 1003 URLA Part 4.

To Create Verification of Gifts and Grants Records

  1. Click the Show All Gifts or Grants button to open the Verification of Gifts and Grants input form in a pop-up window.

  2. At the top of the VOGG list, click the New icon .

  3. In the section below the table, select an option from the Verification of Gifts and Gants is for list to indicate for whom the asset record is being created: Borrower, CoBorrower, or Both.

  4. Select the checkbox to print the statement "See attached borrower's authorization" on the applicant's signature line on the output form.

  5. Complete the To: (Name & Address of Depository) section.

    • Click the Address Book icon to add a depository from the Verification category of your business contacts. You can also type a name and then right-click to create a new contact in your business contacts.

  6. In the From section, select the Print user's name checkbox to print the name of the user selected in the Verification Contact Setup setting. If no selection has been configured in the setting, the name of the logged-in user will print by default.

  7. Select the Print user's job title checkbox to print the job title of the user selected in the Verification Contact Setup setting. If no selection has been configured in the setting, the name of the logged-in user will print by default.

  8. In the Gifts and Grants Information section, select an Asset Type from the list. The following descriptions are available with the URLA 2020 form:

    • Gift of Cash

    • Gift of Property Equity

    • Grant

  9. Select a Source from the list.

  10. If you select Other as the Source, enter a description in the Other Source Description field.

  11. Select the Deposited checkbox if the gift or grant is deposited.

  12. Enter the Amount.

    The final value of Gifts and Grants to be applied to the loan must still be documented on the Adjustments and Other Credits for the Loan Estimate and Closing Disclosure.

  13. Click the New icon to add additional entries as needed.