Where your Lender has integrated Digital Verification of your applicant's employment income by uploading/OCR income supporting documents, you might get a "Verification Issue" in your upload.
This article explains "Verification Issues" and what they mean.
What is the Income Document Verification widget?
The Income Document Verification widget allows you to upload income supporting documents (eg Payslips, Individual Tax Returns) to be OCR'd.
The OCR'd data is then returned to Loanapp, and you are able to 'match' the returned data to your declared income data. Where you get a match, this generally means that employment income is deemed verified, and no further supporting documents or assessment activity is needed 🤩.
For a full run through of how to take advantage of the Income Document Verification widget, click here.
What are "Verification Issues" with this service?
Verification Issues will be returned to the widget when either:
your uploaded documents do not comply with the Lender logic for those documents OR
for compliance documents, the service was unable to extract the relevant data
How do I know I have a Verification Issue with my document/s?
You will know you have a Verification Issue when the service is "Complete", but a status of "Verification Issues" has been returned:
Where you see you have Verification Issues, click on the digital widget to open it and review what has caused the issue. In the following screenshot, the response for Mary has issues:
Click the "Details" button to see more:
This will open the full detail of the result. Any Verification Issues will be in red, in the middle of the widget outcomes:
What should I do if I have a "Verification Issue"?
Generally, a Lender has included the Document Verification service as an optional, helpful service to speed up your application and assessment outcome. It will not usually be mandatory. Where you have a Verification Issue you can:
Try Again
You might try again (upload new document/s). To do this, click 'resubmit' in the widget:
This will allow you to delete the existing document/s, upload some fresh ones and try again:
Forget the widget, and upload supporting docs as you normally would
Generally, the Lender will have logic that will allow you to simply upload supporting documents against the Income requirements in the supporting documents checklist, as you normally would.
NOTE that the original documents that you have uploaded will automatically be sent to the supporting documents checklist - so they will be waiting for you to use in finalising the checklist, if you wish.
What type of Verification Issues might I get?
Generally, a Lender will configure a set of rules to be run against the documents that you upload, to check the document is 'acceptable' to confirm employment income. Common ones will be:
no older than x timeframe
are consecutive documents
confirms/matches your declared data - eg applicant name, employer/employer ABN, employment type etc
has 'expected' data - eg YTD, leave balance, gross/net figures etc
The Verification error should clearly state the issue that has been identified.