Verification of Mortgage (VOM)

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Use the Verification of Mortgage (VOM) to record current mortgages. When using the URLA 2009 forms, the totals for the mortgage information entered on the VOM display in the Schedule of Real Estate Owned on the 1003 Page 3 input and output form. When using URLA 2020 forms, the top three VOM entries display in Section 3 on the 1003 URLA Part 3 in the following order: the entry marked as the Subject Property on the VOM displays as the Property You Own; the second VOM entry displays as the Additional Property; the third VOM entry displays as the Additional Property. All VOM entries display on the printed output form, provided the Does Not Apply checkboxes are not selected in Section 3 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 VOM:

There are two ways to open the VOM:

  • On the Forms tab, click VOM.

  • On the 1003 URLA Part 3 or the 1003 Page 3 input form, click the Show All (VOM) button.

To Create a New Mortgage Record:

  1. At the top of the VOM list, click the New icon.

  2. On the Import Mortgage from Liability dialog box, select the liabilities associated with the new mortgage record, and then click OK. If the property is owned free and clear, click OK without selecting a liability.

  3. When working with URLA 2020 input forms, in the VOM is for dropdown list, select Borrower, Co-Borrower, or Both. This field displays only on the VOM only when you are using the URLA 2020 forms. This field will be populated by default when linking a liability.

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

  5. In the From section, the following options are available for the value that prints in the Title field on the output form.

    • Accept the default value of Loan Processor.

    • Type a different value or clear the field.

    • 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. 

  6. Add the applicable information for the property associated with the mortgage.

    • Use the Attach/Show Liens button to open the Import Mortgage From Liability dialog box. If required, change the selected liabilities and click OK.

    • The Mortgage Balance and Mortgage Payment values are imported from the VOL for the liabilities attached to this VOM record. To override these numbers, click the Lock icon next to a field and type the desired value.

    • If a sale is pending for the property associate with the mortgage, enter the Pending Sale Date. This date is used in the logic that determines whether the Net Income/Loss field for the VOM is calculated or left blank.

  7. Enter additional comments or notes, if needed.

  8. Click the New icon to add another mortgage record.

Work with Mortgage Records

ClosedEdit a Mortgage Record

ClosedChange the Position of a Mortgage Record

ClosedDelete a Mortgage Record

ClosedAdd a Mortgage Record to the eFolder