Verification Tips For Easy Financing - Foundation Finance Company

Verification Tips For Easy Financing

Some home improvement financing companies, Foundation Finance included, complete a verification call with customers prior to releasing loan funds. This call serves to protect the contractor, the customer and FFC. It also allows FFC to introduce the company to your customer, review the information submitted on the application and to set the first payment date.

Verification calls can be a big benefit to your business. Our verification calls are recorded and records are kept on each customer’s account in the event of any disputes or concerns down the road. Not only does this protect FFC but it can also protect you should a discrepancy in the agreement for your home improvement project arise. We ask the customer if the project is completed, items are working properly and if they received everything they were promised. These recordings can help you in the event that a customer later claims the project was not complete or they were not satisfied with the work.

Most verification calls go smoothly and take just a few minutes. Here are a few tips you can use to help speed up your fundings:

  • Give us multiple contact numbers-

    Make sure you are giving us all available contact numbers for the applicant(s).

  • Let your customers know FFC will be calling-

    Many people screen their phone calls. If your customer knows we are calling (and why), it will give us a better chance of getting in touch with them on the first try.

  • Submit accurate income information-

    If we find out during the verification that income was not accurately listed on the application, it may delay funding or result in a loan being denied. Be sure to enter additional sources of income accurately and not to use household income when submitting an individual application.

  • Give your customers copies of their loan documents-

    We ask if the customer has copies of their loan documents to be sure they have proper documentation of what they are financing. Use our FREE loan document envelopes so your buyers can’t miss them.

To speed things up, we offer a PRE-VERIFICATION service. With this service, you submit loan documents (except the loan completion certificate) to us prior to starting a home improvement project. We will call the customer to confirm application information and loan terms. If everything is satisfactory, we’ll give you an ok to proceed. Upon completion of the project, just send over the loan completion form and we’ll call to confirm the installation and set the customer’s first payment date. It’s that easy!

To discuss pre-verification or the verification process in general, contact our Marketing department at 855-241-0024 ext. 5012 or email [email protected]

Note: Use of the terms "Loan," "Lender" and "Borrower" is for ease of reference only. Financings are in the form of retail installment contracts ("RIC").

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