Verification of Liabilities (VOL)
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Use the Verification of Liabilities (VOL) to record liability and associated payment information. When working with URLA 2009 forms, the first seven VOL records display in the Liabilities section on the 1003 Page 2 input and output forms. If you add liability information on 1003 Page 2 input form, the information is also added to the VOL. When working with URLA 2020 forms, the VOL maps all the liabilities from the credit report except for mortgages and HELOCs. The first five VOL records display in Section 2c on the 1003 URLA Part 3. If you add liability information on 1003 URLA Part 3, the information is also added to the VOL. All VOL records display on the output form, provided the Does Not Apply checkbox is not selected for Section 2c on the 1003 URLA Part 3.
To shortcut the entry of address information, type the zip code first. The City and State fields will automatically be filled.
To Access the VOL:
You can open the VOL using one of the following options:
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On the Forms tab, click VOL.
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On the or the 1003 Page 2 input form loan application, click the Show All (VOL) button.
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On Page 3 of the Closing Disclosure, click the Show All (VOL) button.
To Create a New Liability Record:
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At the top of the VOL list, click the New icon.
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Select an option from the dropdown list to indicate with whom the liability information is associated: Borrower, Co-borrower, or Both.
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Select the checkbox to print the statement "See attached borrower's authorization" on the applicant's signature line on the printed form.
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Complete the creditor information in the To: (Name & Address of Creditor) section.
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Click the Address Book icon to add a creditor 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.
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In the From section, the following options are available for the value that prints in the Title field on the output form.
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Accept the default value of Loan Processor.
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Type a different value or clear the field.
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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 is printed by default.
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Add the liability information in the Account Information and Debt Information sections.
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Click in the Account Type field and type the liability category.
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In the Debt Information section, select the This Debt is NOT secured to Subject Property? checkbox if the liability is not secured to the property (i.e., the subject property cannot be recovered by the creditor in case of default). Examples include credit card purchases, student loans, and other unsecured debt.
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To enable this checkbox, a liability must be entered and the Will be paid off checkbox must be selected.
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When using the URLA 2020 forms, select the Payment includes Taxes and Insurance checkbox (field ID FL0166) for mortgage liabilities that are linked to an REO asset to document whether the payment coming from the credit report includes taxes and insurance. This field, along with the Mortgage Type dropdown list (field ID FL0132), is required for AUS submission of real estate assets (Verification of Mortgage records) with linked liabilities.
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Add the payment delinquency (i.e., "lates") information in the Payment History section.
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Click the New icon to create another record.
Edit a Liability
Record