To submit a VOA request for a borrower through Encompass, first open the loan file, click on the Services tab on the lower left and then click on Order Verifications.
From the My Providers list, select Finicity – Verification of Assets and click Submit. If Finicity – Verification of Assets is not listed in the My Providers list, check in LO Connect to ensure that the user was given access to the Finicity – Verification of Assets service.
The new version of the Finicity – Verification of Assets should be displaying “Partner Connect” instead of “More Info”. If the users only see the “More Info” link, please see the instructions on how to set up the new Finicity – Verification of Assets service in the “Admin Setup (New 2.0 version)” section of this guide. It may take one second for the Partner Connect version to show up as the SmartClient is retrieving the list of Partner Connect services.
The Order user interface will open in a new window as shown below. The UI will list all the borrowers on the loan, their home and work email address, the current status of any VOA request that has been submitted for those borrowers, the date they were ordered if any, available Actions and a link to open the VOA report if one has already been received. The Order UI also shows a drop down with the possible durations (2 months or 6 months) of the Account History for the VOA report that is being ordered.
An additional drop down has been added to capture the Permissible Purpose for the verification request. Users can now also specify an email address that will receive an email notification when the borrower has completed their Fincity Verification of Asset request.
To submit a VOA request for a specific borrower, in the Email Address drop down select the email address where the borrower can receive an email notification from Finicity. Then check the Order checkbox and click on the Submit button. Note: You can change the Account History from the default 2 months to 6 months by selecting that from the Account History drop down.
If the transaction was successfully submitted, a confirmation popup will be displayed to the user as indicated below. Click on Leave Page to continue working on your loan.
If any required fields for submitting an order are missing, an error popup will indicate to the user the missing field. The user will have to return to the loan and complete the missing field before attempting to submit the order again.
The borrower will receive an email containing instructions on how Finicity retrieves the financial records of the borrower along with a “VERIFY MY ACCOUNTS” link at the bottom of the email which the borrower can click to take them to the Finicity Connect portal to proceed with their asset verification.
See sample email below.
If the borrower did not receive the email or cannot access the email where the VOA request was send or if the verification link in the email expired (it is valid for 72 hours), the Loan Officer can submit a new request using the Resend request feature. The user will open the integration UI and select a new email address if needed and select the “Resend” action and click on Submit.
This feature can be used to send a request to the borrower to add additional assets to an existing report.
If the request was successfully submitted a popup similar to the one shown below will be displayed to the user.
A completed VOA report can be refreshed with the latest asset information as of today by request a Refresh of the report. The user will select the “Refresh Report” action and click on Submit to initiate the request.
If the request was successfully submitted a popup similar to the one shown below will be displayed to the user.
A completed VOA report can be viewed by clicking on the document icon on the Order UI or by visiting the Encompass eFolder and opening the VOA Report document to view the latest report.
With the new version of the integration, the borrower verified assets will now be automatically imported into Encompass when an order is either completed or refreshed. The integration will first remove any VOD records that the integration had inserted into the loan for the specific borrower of the order. It will then insert in the new assets for the borrower into the VOD collection.
It is important to note that if the user has any additional assets that they want to add manually, they should be creating a new VOD record for the financial institution instead of appending the account to the VOD record that was inserted by the Finicity integration. If the user modifies the record created by the Finicity integration and requests a “Refresh” later on, the manually entered in information will be overwritten. If there are any issues when Finicity is retrieving the updated account information the “Depository Comments” will be updated to include a message about the issue.
Lenders will follow the established protocol of submitting tickets through the Encompass Resource center (https://resourcecenter.elliemae.com/resourcecenter/default.aspx) if any issues are encountered while using the integration. The tickets will be triaged by Encompass support and its status can be tracked in Resource Center.
Lenders may submit tickets by either contacting Finicity Customer Support at support@finicity.com or through the web portal at developer.finicity.com, Help > View > Support Tickets.
