Use the Verification of Additional Loans (VOAL) to record additional new mortgage loans on the subject property aside from existing loans, for example down payment assistance loans or standalone piggyback loans closed with the current loan by either you or another lender. When you enter additional loans on the VOAL, the first five entries display on Section 4b on the 1003 URLA Part 4. If you add additional loan information on the 1003 URLA Part 4, the information is added to the VOAL. All VOAL records displayed on the output form, provided the Does Not Apply check box is not selected for Section 4b on the 1003 URLA Part 4.
To Create a Verification of Additional Loan Record
- Click the View All Additional Loans button to open the Verification of Additional Loan input form in a pop-up window.
- At the top of the VOL list, click the New icon.
- In the Verification of Additional Loan is for drop-down list, select Borrower, CoBorrower, or Both.
- Select the check box to print the statement “See attached borrower’s authorization” on the applicant’s signature line of the printed form.
- In the To section, type the name and contact information for the lender providing the additional loan.
- In the From section, the following options are available for the value that prints in the Title field on the output form.
- By default, title, phone number, and fax number are populated based on the user selected in the Verification Contact Setup setting. Type a different value or clear the field as needed.
- Select the Print user’s name check box 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.
- Select the Print user’s job title check box 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.
- Select an Account Type from the drop-down list, either HELOC or Mortgage.
- Select a Lien Position for the loan, as many as 10 lien positions are supported.
- For the Monthly Principal and Interest and Maximum Principle And Interest Within 5 Years, type a value or click the Edit icon to calculate a value.
- Enter the Loan Amount or the HELOC Credit Limit (for a HELOC loan).
- Enter any HELOC draw to be disbursed, if applicable.
- Enter the amount of the additional loan that will be applied to the down payment for the current loan. This amount is included in the Subordinate Financing amount (field ID 140) and will feed the cash to close.
- Select any of the checkboxes that apply.
- Click the New icon to add another mortgage record.
