Playbook
Field verification for loans: from a three-day wait to a report on file the same day.
The visit happens on time. The report does not. Photos sit on the agent’s phone, the form is typed up later and the file waits.
The problem
Field verification (often called FI or a residence or business visit) confirms that the borrower lives and works where the application says. When the report is written up after the visit and emailed back, the file is stuck in “pending verification” for days, and the photos and location are hard to check.
The playbook
- Schedule the visit as soon as the application is logged, not after analysis.
- Give agents a fixed checklist per product on their phone: what to see, ask and photograph.
- Capture photos and GPS in the app at the address, not from the gallery later.
- Submit from the site; the report lands on the file the same day.
- Update the memo automatically when the report arrives, and flag any mismatch with the application.
- Send negative or doubtful reports to a credit officer, not to an automatic decline.
A starting checklist
- Address matches the application and KYC.
- Business activity seen matches the stated business.
- Signage, stock and staff consistent with stated turnover.
- Person met, and their relation to the borrower.
- Neighbour or reference check, where your policy requires it.
- Photos of the premises with location and time on file.
How to measure it
Hours from visit to report on file, files waiting on verification at the end of each day, and reports returned for missing items.
How AutoCredit does it
AutoCredit is built for lenders’ credit and operations teams. Bank statements, GST returns, ITRs and KYC are collected on WhatsApp or a portal; bureau and account-aggregator data is pulled where consent allows. Banking, obligations, FOIR and GST trends are computed the same way for every analyst. The file is placed in your policy bands with deviations flagged, and a credit memo is drafted with every line cited to the document it came from. Field agents file a checklist, photos and GPS from their phone the same day, and the memo updates when the report lands. Credit officers and the committee decide; nothing is sanctioned by a model. The sanction is written to your LOS or LMS through the APIs you open.
Questions
What is field verification in a loan?
A visit to the borrower’s residence or business to confirm that they live and operate as stated in the application, recorded in a report with photos and location.
How can field verification be made faster?
Schedule the visit at login, use a fixed checklist on the agent’s phone, capture photos and GPS at the site, and submit the report from the site the same day.
See it on your own data. AutoCredit — The credit memo, drafted and cited. Book a 30-minute working session with an engineer.