The Expense Verification Framework
The Expense Verification Framework Initiative is delivering practical solutions to support better responsible lending outcomes.
WHY THE INITIATIVE IS NEEDED
Industry participants are well aware that current expense verification methodologies are not meeting community expectations. The intent is to develop an expense verification framework that delivers on five key goals:
Avoiding consumers falling into difficult circumstances
Promoting financial literacy and financial well-being
Avoiding invasion of privacy and the unintended consequences of bank transactional data
Promoting efficiency – to keep system costs and the costs to the community down
Avoidance of unintended macroeconomic consequences.
White Papers
We have produced, so far, two White Papers that address all the issues. You can download them here:
Responsible Lending, Automated. Better Outcomes For Everyone
Responsible Lending, Automated. Towards A Consumer-Centric Operational Approach
We’ve also produced a concept video to show what we think should happen immediately after a loan is written (as per our Whitepapers). See here.
This is about changing the whole approach and delivering better outcomes to the industry and community.