Feature Enhancements in Version 21.2 Service Pack Release

This release introduces a new integration with Finicity Mortgage Verification Service for Income and Employment (MVS-IE). With this integration, Finicity verifies the employment and income of both borrower and co-borrower during the loan application process. When configured and enabled in a workflow, verification occurs immediately after authorization is given by the borrower. Finicity prompts the borrower to confirm their social security number and date of birth. Finicity then checks its Payroll network and immediately prompts the user with a response whether their employer data was found or not. If the borrower's employment is found, Finicity returns the borrower's Payroll data and the borrower can complete the experience. If the borrower’s employment is not found, the borrower is then prompted to upload a recent paystub and connect to any financial institutions where the paystub is direct deposited so the paystub can be used to validate their direct deposit income streams. Later, when the loan application is submitted, the VOE/VOI report from Finicity and the paystubs are saved to the eFolder, as well as any employment and income data populated into the loan application, and the GSE reference is auto-populated in Encompass.

Setting Up Finicity as the Employment and Income Verification Service Provider

To set up Finicity as the Employment and Income Verification Service, an account with Finicity is required.

A lender administrator can use the Services Management > Employment and Income Verification Settings page to configure Finicity as the VOE/VOI provider. Finicity credentials (Application Key, Partner ID, and Partner Secret) are required. However, if Finicity is already configured as the Verification of Assets (VOA) provider, the credentials will automatically populate into the VOE/VOI provider fields when Finicity is selected.

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

2. Click the Edit icon next to Employment and Income Verification Settings.

3. Select Finicity from the Provider list.

   

4. Enter your Finicity Application Key, Partner ID, and Partner Secret in the provided fields.

   If Finicity is already configured as your VOA provider, click Use existing Finicity credentials to populate these fields with the same credentials.

   

   Important! The credentials you provide here must match the credentials specified in the Service Management tool in Encompass Loan Officer Connect.

5. Click Save.

6. Optionally, go to Email Notifications on the left navigation menu and ensure the Services Completed Email template is configured as desired.

7. Enable the VOE/VOI Service in a loan application workflow. To learn how to enable services in a workflow, see the next section.

1. Open Loan App Settings for the workflow.

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

3. Click Yes next to VOE/VOI to enable the service for the workflow.

   

   In the User Experience ID field, enter the Finicity Experience ID that you want to apply to the workflow.

   Experience IDs are unique identifiers provided by Finicity that references a customized user experience for both asset verification and income/employment verification. Asset verification requires its own Experience ID and Employment/Income requires its own Experience ID.

4. Provide any custom fields as needed.

   Up to five custom fields can be added to the VOE 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 VOE/I 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.

     

5. Click Save.