Usually by the time a Loan Officer has a loan file that is ready for underwriting, enough time has passed that the financial information is no longer current, and they are required to get updated, verified financial information on the borrower for the file to be successfully underwritten. This can be very frustrating (and time consuming) if it requires the borrower to upload a new set of bank statements, pay stubs, etc. Automatically refreshing the VOA report allows the LO to request and gather updated asset information very quickly, usually without having to reengage the borrower to fill out more forms or upload more documents. There are times when the borrower's authentication to specific institutions may have timed out or otherwise been disrupted, in which case the LO can simply request a new link be sent to the borrower to reauthenticate to those accounts directly in order to refresh the report.
Note: This article will cover how to proceed with the VOA refresh from the web dashboard only. To understand how this is done from a mobile device, you can find out here.
A popup window will then display showing the reporting details, the LO can view details of the current VOA report, including the option to "Refresh the Report," which will then provide another report using the same account credentials when it was last refreshed.
Note: There may be times when you are not able to refresh the report, but instead you may see a warning flag next to some of the accounts listed in the report. By selecting the dropdown arrow to the right of the Account, you will see a detailed report of the error. The Error is slightly different depending on if the company is using Finicity or FormFree:
For Finicity, an option to send an email to the borrower letting them know that they will need to reauthenticate their account information in order for the report to pull successfully.
For FormFree, the error indicates that an email has already been sent out to the Loan Officer's FormFree account and it is from there that they will be able notify the borrower.
Once the report has refreshed, the LO receives a success confirmation, and the VOA report request is moved to the "Incomplete" list in the "Borrower Tasks" section of the loan and the status is updated to "Pending" while the report generates:
When the refreshed report is finished and returned from Finicity, the task is moved back over to the "Complete" list, and the report is viewable again, and the "Last Refresh" date is updated: