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 financial 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 Verifications and Collateral Checklist 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.

Tab Details

The Verifications and Collateral Checklist page consists of three tabs:

Summary: A brief summary of the application, including the amount requested, the amount of collateral advance, the date the application was taken, the relationship manager, and the start date of decisioning.
Verifications/Checklists: A list of all verifications triggered by this product, listing the verification, the date it was requested, the due date, the received date, comments, and applicable links (links to more information about this rule, such as a location on your network or Web site). Each date field entry can be typed in manually, or by using the calendar feature. The Verifications and Valuations section also has a yes/no list that allows you to indicate whether or not this application needs to be returned to the Decision page.
Comments: Allows you to record comments and view the comment history.

Link Name Can Be Set for VCC Credit Policies

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

Tabs, Buttons, and Other Actions Menu Options

This table lists the tabs, buttons, and Other Action menu options available on this page.

Page Name

Tabs

Buttons

Other Actions Menu Options

Verification and Collateral Checklists (Task page)

Summary

Verifications/Checklists

Comments

Complete

Save

Cancel

Documents

View All

View Application

View Decision

Edit VCC Data

Email RM

Message Board

Activity List

Verification and Collateral Checklists (not in VCC task)