There are two kinds of consent: ONLINE consent and SIGNED.
ONLINE consent is given by clients who apply online, when they tick the boxes to consent to Credit and CASL (and any other, custom consent a brokerage may choose to add). When clients give online consent we send an email to them that repeats the paragraphs they consented to. A copy of this email is stored in the deal, under Communication History. Equifax/TransUnion are satisfied by Online consent, and we send this email with date/time if they ask to verify consent.
SIGNED CONSENT is often obtained as well, but this usually comes later, as it normally is part of the signing package. A SIGNED consent can be obtained at any time, but the broker would need to generate the form and send it to be signed/esigned.
Generating your consent form and sending it out to sign is super easy! Just follow the step-by-step instructions below.
Before starting: Make sure you have your preferred email address listed in the Borrower’s section as this is where the eSign request will send.
- First we add the Client Consent for Credit by selecting it on the left side menu bar shortcut in the deal
- Scroll down to find it, and click the orange Create PDF button
- To send out for eSign, select the conditions by checking the box and selecting the eSign symbol
- At the top of Conditions and Documents, click Actions > Send selected eSign documents
- Click Submit
(Note: this document along with the other compliance documents generated in Velocity are templated for eSign, so all of the signature, date and text fields are already placed for you.)