Day 1 Implementation for Red Diamond:
Income & Asset Validation Guidelines
How To Input Day 1 Results into Encompass?
COMING SOON: Income Validation Input↵
How to plug in the reference code into Encompass for DO (click here)
Verification Of Income: aka Written Verification of Employment
Day 1 Costs & Reasoning: We must use a Fannie Mae Approved Report Supplier for the Automated and Manual Verification of Income.
AUTOMATED VOI'S FROM THE WORK NUMBER: The Work Number covers about 30% of the US population and those VOI's are automated through their system. All orders must go through The Work Number which is Equifax for those borrowers that work for companies that are signed up with The Work Number. We can get to The Work Number through Credit Plus on Encompass.
MANUAL VOI'S: To capture up to 95% of the rest of the US borrower population there are companies that do manual VOI's. The report suppliers that can deliver these reports to Fannie Mae for Day 1 Certainty are very limited.
Cost: The Work Number Auto Verification through Credit Plus: $31.75
Cost: The Work Number Emlpoyment Verification - Not Including Income: $25.00
Cost: A VOI from Credit Plus (Ordered through Equifax so it is Day 1 Certainty Eligible): $19.00
Cost: A VOE from Credit Plus - Not including income info. (Ordered thorugh Equifax so it is Day 1 Certainty Eligible): $15.00
For Day 1 Certainty Transactions Red Diamond will order all VOI's from Credit Plus through Encompass.
Verification of Employment: (Not Income)
VERIFICATION OF EMPLOYMENT: The verification of employment forms do not contain income information.
For Day 1 Certainty Transactions Red Diamond will order VOE's from Credit Plus for both work number and non-work number employees.
Verification of Assets:
VERIFICATION OF ASSETS: These automated reports require the borrowers to provide their login information so Red Diamond can receive their banking information for the past 60 days.
FULFILLMENT: Red Diamond has executed an agreement with Credit Plus to receive VOA's through a company called Finicity. Finicity will fulfill the order and deliver it back to Credit Plus. Currently this may not be integrated into Encompass but should be soon.
PURPOSE: A VOA provided by Finicity will have a Report Number that can be loaded into Encompass and run through DU to avoid having to gather asset documentation. The asset information will be provided when the borrower completes their submission of their online user name and password.
GOAL: This is a product that Rocket Mortgage uses to create the 8 minute mortgage. We will have the same technology available to use to provide relief from receiving borrower provided documents.
This will eliminate the borrower:
- Logging into their bank.
- Clicking on each months statements
- Saving the statements to their computer
- Logging into Consumer Connect
- Uploading those documents into Consumer Connect
- And for many I'm sure it's more difficult than this.
COST: *VOA: Credit Plus: $14.00
Location of Reference Number for Work Number in Encompass
Day 1 Additional Training Information
Day 1