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Tips for Ordering During Pandemic Conditions

Ordering and receiving updates and verifications in a timely manner is critical to your business. COVID restrictions have significantly impacted turnaround times at most creditors, the IRS, and other data providers. The following tips can help you avoid incurring additional delays and keep your loans moving toward closing.

Provide Full Credit Card Account Numbers

In order to access creditors' automated systems (and avoid conference call delays) please provide the borrower's full 16 digit credit card account number. This can be communicated with us at the time the order is placed in the Notes field or by uploading a credit card statement.

Always Provide Borrower Contact Information

In the event that a conference call between Avantus, the borrower, and the creditor is required, always provide us with the best contact information for the borrower. Also, let the borrower know that Avantus may be calling and to answer the call.

Conference calls must be initiated by Avantus. After placing your update request, please do not ask the borrower to contact us or initiate the conference call.

Avoid Long Hold Times for Conference Calls

Due to lengthy hold times with creditors, our staff may not be able to complete a conference call if the hold time to reach a representative exceeds 20 minutes. In these cases, Avantus will discuss alternative options to complete the update so that you can keep your loans moving forward. Options may include faxing the creditor, use of supporting documentation from the borrower, or rescheduling the conference call for time when hold times are less.

If Possible, Avoid the Rush

Please allow more time for the processing of update requests. As you've seen, response times are slowed at all creditors. Upgrading all updates to RUSH status costs you money and may delay your non-rush requests, creating a costly cycle.

Provide A Wet-Signed Borrower Authorization Form

Currently, most creditors will not accept an eSignature form uploaded with your update order. Sending a wet-signed Borrower Authorization Form instead will prevent unnecessary delays in obtaining a response to a fax verification.

Get Supporting Documentation

In many cases we can use supporting documentation provided by the borrower to complete the update. This includes creditor letters, monthly statements and loan transaction documents.

Get To Know Your Account Rep

Your Avantus Account Representative can help you navigate these challenging times in our industry. They can provide current turnaround times, share other tips, and give you information on alternative products that can help you operate more efficiently and reduce unecessary costs as well.