When a Small Business application contains information that needs to be verified, it is placed in Pending Verification status. Examples of such information are the net profit or the reported assets.
Application verification is necessary when the system flags an application for verification in the course of processing the application.
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To update and resolve an application in Pending Verification status, perform one of the following steps:
- Use the
Search feature to locate and open the application.
- Access and open an application from the queue that your administrator may have created and defined for verification in the
My Queues list on the
Home page.
| Note: When you are working on the priority queue, the applications are displayed in the sequence that is determined by your administrator.
|
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Review the list of items to be verified in the
Verify pane on the
Application page.
The items vary based on your company's configuration.
With the preconfigured
Application Processing Module, the following items can be configured to be flagged for verification:
- Loan amount outside a specified range
- Collateral value (Total Net Advance Amount) outside a specified range
- Total reported assets greater than a specified value
- Total liabilities greater than a specified value
- Net profits outside a specified range
- Business address
- Current address of either principal
- Time at address less than a specified period for either principal
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Verify the relevant details.
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Perform one of the following actions:
- For items that have been verified, select
Verified from the drop-down list.
- For items that have not been verified, select
Not verified to decline the application.
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For each item, enter a comment about the verification process.
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(Optional) To save the verification data, click
Save. The system indicates that the application has been partially verified. You can return later to complete the verification process.
You can also use the
Exit Without Saving option.
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Click
Complete Verification.
Note that verification of the application can be completed only after you have verified all the items that were flagged.
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(Optional) Select the
and open next case check box to access the next case in the queue.
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(Optional) To withdraw an application with unverified items from the system, click
Withdraw Application.
Note: When you are working on the priority queue, the applications are displayed in the sequence that is determined by your administrator.