Verification of Other Liability

More Resources on the URLA Support Page

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

Use the Verification of Other Liability (VOOL) to record liabilities for the borrower pair from either the credit report or borrower disclosures that are not related to the items covered in Section 2c (Credit Cards, Other Debts and Leases) or Section 3 (Real Estate) on the 1003 URLA Part 3. Examples include alimony, child support, separate maintenance, and job-related expenses. When you add liabilities on the VOOL, the first three entries display in Section 2d on the URLA Part 3. All VOOL entries display on the printed output form, provided the Does Not Apply checkbox is not selected for Section 2d on the 1003 URLA Part 3.

To Access the Verification of Other Liabilities

There are two ways to open the VOOL:

  • On the Forms tab, click Verification of Other Liability.

  • On the URLA Part 3, click the Show all Other Liabilities button.

To Create a Verification of Other Liability Record

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

  2. In the section below the table, select an option from the Verification of Other Liability is for list to indicate for whom the liability record is being created: Borrower, CoBorrower, or Both.

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

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

  5. 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 descriptions listed below are available with the URLA 2020 form.

    • Alimony

    • Child Support

    • Job Related Expenses

    • Other

    • Separate Maintenance Expense

  9. If needed, complete the Other Description.

  10. Enter the monthly Amount, Balance, Months Left, and Credit Limit fields as needed.

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