Feature Enhancements for Encompass Consumer Connect 20.1 July Service Pack

An enhancement has been made to the URLA 2020 loan application to capture liabilities for the borrower, co-borrower, or both when a credit report is not available. Previously, lenders could only receive borrower liabilities from a credit report.

With this enhancement, a new Manage Your Liabilities section has been added to the loan application where borrowers can manually select liabilities by type and provide details such as Name of Creditor, Balance, Monthly Payment, and so on. The Manage Your Liabilities section is enabled for borrowers to enter liabilities manually only when credit is disabled in the workflow, credit is not ordered by the borrower, or the credit order returns unsuccessfully.

The Manual Entry of Liabilities enhancement available in this release includes new configuration settings in the Loan App Workflows administration portal. Use the Liabilities settings in the administration portal to configure the section title, field names, and to make fields required. Liabilities settings includes two sections:

• Manage Your Liabilities. This section contains fields for liabilities that would typically appear on a credit report. For example, Childcare, HELOC, Installments, and so on.
• Manage Other Expenses. This section contains fields that include other types of recurring payments that a borrower may have. For example, Alimony, Child Support, Job Related Expenses, and so on. This section is not dependent on a credit report.

The new Liabilities section is shown in the loan application by default. If you do not want the Liabilities section to appear in the loan application, select the Hide this section check box.

Access Liabilities Settings

1. In Encompass Consumer Connect Admin, go to Loan App Workflows.

2. Locate the workflow you want to update, then click the Edit icon .

   The workflow must use the URLA 2020 version of the loan application.

3. Scroll down to the Loan Application Settings section, then click Liabilities.

   The section expands to display fields for Manage Your Expenses and Manage Other Expenses sections.

   

   You can edit the page Title and CC Field Names,select or clear the Show and Required check boxes, or select the Hide this section check box.

   To view and set the options that will appear in the Type of Liability, Belongs To, and Type of Expenses drop-down lists in the loan application, click the expand-arrow icon .

   

   All options are selected by default. To remove an option from the list, clear the Show check box for the option. You can also edit the field names as desired. At least one option must be selected to show.

When using the Asset Verification service with Finicity, lender administrators can now specify custom fields to be included in the VOA report. The new Custom Fields section is available as part of the Asset Verification workflow settings when Finicity is configured as the VOA provider.

This enhancement will be available on the evening of Saturday, August 8th.

Up to five custom fields can be added to the VOA report:

• The first two fields, Loan Name and LO Name, are added to a report by default. The Name for each of these fields can be edited, but the Value is dynamically populated from the loan application when the report is requested. Lender administrators can choose to exclude them from showing on the PDF reports by clearing Show on Report check box, however these fields will always be sent with a VOA order to Finicity.

• The remaining three custom fields can be added by a lender administrator. These fields are static and will be sent with the VOA order exactly as they are entered here. In the example below, the lender administrator added ApplicationMethod with the value of Online and Source with a value of ECC to include in the report.

Custom fields are displayed at the top of the Finicity VOA report, if “Show on Report” is checked (as highlighted in the following example).

1. Open Loan App Settings for the workflow.

2. Scroll down to the end of the page and click Services Settings.

3. If the Asset Verification service is not already enabled, enable it now by clicking Yes next to Asset Verification.

   If the service has not been set up in Services Management, the Yes button will be dimmed. To learn how to set up the service, see Manage Services.

4. The Asset Verification settings are displayed with the Custom Field settings located below the Asset Verification Authorization text editor.

5. The Loan Name and LO Name are added to the PDF report by default. The Name for each of these fields can be edited, but the Value is dynamically populated from the loan application when the report is requested. These fields cannot be removed but they can be hidden by clearing the Show On Report check box.

6. To add fields, click Add Fields.

7. Enter field name and value in the provided fields. For example, a lender may want to define a branch ID, sales code, sales region, and so on.



8. Click the Show on Report check box.

9. Add more fields if desired, then click Save.

An update was made to the underlying code of Encompass Consumer Connect to improve integration with the Finicity VOA service. With this update, an action is required by Encompass users to ensure Encompass Consumer Connect and Encompass work in parity when consuming and receiving reports from Finicity VOA.

Action Required: To ensure Finicity VOA reports submitted from Encompass Consumer Connect are refreshed in Encompass, Encompass users should re-import Finicity-VOA reports initiated by Encompass Consumer Connect.

In a future release, a change is going to be made to FormFree credential requirements that will impact the Verification of Assets service on Encompass Consumer Connect sites. With this change, FormFree will require the lender's account user name and password in place of an access token. In preparation for this change, the Asset Verification settings in Services Management has been updated to meet the upcoming requirements. In addition, new informational text has been added to Asset Verification settings that states the following:

"Access Token will soon no longer be required to enable FormFree. Username and Password will be the new requirement. Please enter your Access Token, Username, and Password."

Action Required: Starting with this release of Encompass Consumer Connect, we highly recommend lenders using the FormFree Asset Verification service to add their FormFree user name and password to the Asset Verification settings page in Services Management. This will ensure a smooth transition when the FormFree change to account requirements takes place. If a FormFree user name and password are not provided after the change, the VOA service will fail when borrowers attempt to run FormFree's VOA service.

1. In the Encompass Consumer Connect Admin portal, go to Services Management.

2. Click the Edit icon next to Asset Verification.

3. Select FormFree from the Asset Verification Services list.

4. Enter your FormFree user name and password in the fields provided.

5. Click Save.

The Asset Verification Service Provider drop-down list in Services Management > Asset Verification settings has been updated. The listing for Finicity has been changed to Finicity - Asset Verification. This change does not impact any other Finicity configuration settings, and lender administrators are not required to make any changes.

A new option has been added to the Incomplete Apps page that gives lender administrators the ability to control whether loan officers can submit incomplete loan applications. The Enable Loan Officers to submit Incomplete Applications option is located in the Incomplete Apps Area of the page.

Enable Loan Officers to Submit Incomplete Applications

The Enable Loan Officers to submit Incomplete Applications option is enabled by default. Unless a lender administrator disables the option, users with a Loan Officer persona will see an active Submit icon next to each application on the Incomplete Apps page. Clicking the icon submits the application to Encompass.

1. In Encompass Consumer Connect Admin, go to Incomplete Apps.

2. Click the Incomplete Apps Settings expand arrow icon () to view and manage loan officer settings.

   

3. Select or clear the Enable Loan Officers to submit Incomplete Applications option.

   

4. Click Save.

The Loan App Workflows drop-down list on the Apply Now Button widget editor has been improved. When clicking on the Loan App Workflows field, the drop-down list now displays all loan application workflows created for the site. Previously, lender administrators had to clear the Loan App Workflows field in order to view all the loan application workflows created for the site.