Verification of Other Assets

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

Use the Verification of Other Assets (VOOA) to record other assets for the borrower pair that are outside the traditional account deposit structure, allowing the lender to identify the cash or market value of assets or asset accounts other than bank and retirement accounts. When you enter other assets on the VOOA, the first three entries display on Section 2b on the 1003 URLA Part 3. If you add other asset information on the 1003 URLA Part 3, the information is added to the VOOA. All VOOA records display on the output form, provided the Does Not Apply checkbox is not selected for Section 2b on the 1003 URLA Part 3.

To Create a Verification of Other Assets Record

  1. Click the Show All Other Assets button to open the Verification of Other Assets input form in a pop-up window.

  2. At the top of the Verification of Other Assets list, click the New icon .

  3. In the section below the table, select an option from the Verification of Other Asset 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 Account Information section, select a Description from the list. The following descriptions are available:

    • Earnest Money Cash Deposit Toward Purchase

    • Employer Assistance

    • Pending Net Sale Proceeds From Real Estate Assets

    • Proceeds From Sale Of Non Real Estate Asset

    • Proceeds From Secured Loan

    • Proceeds From Unsecured Loan

    • Rent Credit

    • Other

    • Sweat Equity

    • Trade Equity From Property Swap

  9. If you select Other as the Description, enter a description in the Other Description field. This option is primarily used to convert FNMA 3.2 other asset options to the new Verification of Other Assets structure.

  10. Enter the Cash or Market Value.

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