The optional application task Verification and Collateral Checklist allows you to document verifications triggered on an application, such as income, employment, and rent payments.

Administrators define on a product-by-product basis whether the Verification and Collateral Checklist task is used. The task can be configured to fall pre-decision, post-decision, pre- and post-decision, or neither in the workflow for an application containing that product.

Administrators also define the applicable verification rules (through Baker Hill Origination’s Credit Policy functionality) on a product-by-product basis; these rules are added to credit policy sets that are then applied to products. Which rules are applied to the products and collateral in an application determines which verification items will be present on the Verification and Collateral Checklist page.

For each verification rule, your administrator has the option to add a link to more information about the rule that redirects a user to a location on your network or Web site.

Note: Only users assigned the Verification and Collateral Checklist role will be able to access an application in the Verification and Collateral Checklist task. You must contact Baker Hill Client Support to have VCC activated if you use Baker Hill Bank2Consumer or if you want to use Pre-VCC.

See the Introduction to the Workflow topic for more information about the workflow of an application.

To take advantage of the Verification and Collateral Checklist feature, administrators will need to take the following steps:

Create verification rules, through Baker Hill Origination’s Credit Policy functionality, (with or without links to a network location or Web site for more information). A Verification category credit policy must fire to trigger the Pre- or Post-VCC task.
Add these rules to a credit policy set.
Create new product schedules that include this task in their workflow and to which the credit policy set containing the verification rules is applied.

Note: Do not use special characters in your VCC rules. They are not available for use in VCC.

Administrators will also need to assign the Verifications and Collateral Checklist role to appropriate users.

Note: Only certified administrators can access the Product Configuration area from which these changes can be made.

Rules Details

Your institution determines the applicable verification rules on a product-by-product basis; rules are added to credit policy sets that are then applied to products. The rules that your institution has chosen for the products in your application determine the data fields present on the VCC page.

For each verification rule, your institution defines whether it will appear pre-decision, post-decision, or pre- and post-decision. Your institution also decides whether to add a link to more information about the rule that you can then use to jump to a location on your network or Web site.

For more information about your institution's verification rule setup, please contact your system administrator.

Link Name Can Be Set for VCC Credit Policies

If your Origination Administrator sets up a credit policy for VCC that contains a web link name, that link name appears on the VCC page.

Pre-VCC Support

VCC has been enhanced to better support Pre-VCC items. Pre-VCC items are tracking items that are worked after the application has been submitted BUT before the actual credit processing begins. A Pre-VCC item is an additional task that is inserted into the workflow. Examples of Pre-VCC items might be a flood verification (on real estate collateral), fraud check or age verification on the applicants, etc. Pre-VCC is not a new feature but a change to the workflow, taking you to the VCC page before credit processing, which, based on feedback from clients, increase the usability of the VCC feature.

Contact Baker Hill Client Support to get VCC set up for your financial Institution. Baker Hill Client Support can set you up for Pre-VCC, post credit processing VCC, or both.