Income & Asset Import: How It Works

Transcription

1 Clients now have the ability to upload their income and assets documentation into That s My Mortgage, cutting a large step out of the document collection phase. This enhancement will save the Partner time on collecting the correct documents from the Client. Partners will receive asset and income conditions in the Things We Need from You located in the Findings package. Once the loan is in Conditionally Approved status, if underwriting needs additional proof of Assets/Income, Partners will receive conditions on the Partner Portal under Client conditions. There are two 3 rd party vendors the Client can use to import their income and assets: 1. AccountChek (pages 2-6) 2. The Work Number (pages 7-10) FAQs About This New Feature Q. Can tax returns and W-2s be obtained thu the income part? Or just VOE? A. Tax returns and actual VOEs cannot be obtained. The Verification of Employment will include YTD and a two year history (if available). Q. I know that the UW can refresh assets thu the loan process so my question is once loan is closed and funded, the UN and PW for bank accts is deleted permanently? A. User names and passwords are stored by the 3 rd Party vendor AccountChek. QL does not store this information anywhere. Provided there are no changes made by the Client to the user name and password, AccountChek gives us access for up to 105 days. Generally, we will not need it for this long and once the loan is closed and funded, the link to refresh assets is removed. Q. What is the percentage of retail users who use this import feature? A. Approximately 30% of total Clients for income and approximately 40% of total for assets. Not all Client s income information is available in The Work Number and all loans do not need asset information. page 1

2 Quicken Loans Mortgage Services (QLMS) is now able to use relationships that have been built with third-party companies to greatly improve the client experience on That s My Mortgage (TMM). These relationships allow QLMS to obtain documents on the Client s behalf instead of the partner obtaining the document. 3 rd Import applies to income and assets documents only. Partners will receive asset and income conditions in the Things We Need from You located in the Findings package. Once the loan is in Conditionally Approved status, if underwriting needs additional proof of Assets/Income, partners will receive conditions on the Portal under Client conditions. The third party companies are: 1. AccountChek 2. The Work Number AccountChek AccountChek is a company that has built relationships with approximately 95% of American banking institutions. They provide a service to electronically obtain bank statements on our Client s behalf and share the information with QLMS. Note: AccountChek statements are not acceptable for FHA or VA loans. To access this information: The Client will grant QLMS permission to obtain their bank statement through their TMM account AccountChek will provide QLMS with the Client s bank account information Assets Things We Need from You The Things We Need from You (TWNFY) lists asset-tracking items and allows the Client to import their asset information through the TMM website. The Client selects Find My Assets for Me to begin the import process. Tracking items appear after the Client e-signs the Intent to Proceed. page 2

3 Assets The Import Process 1. After selecting Find My Assets for Me, a pop-up will open to allow the Client to Accept and authorize AccountChek to obtain and share information with QLMS. 2. Selecting No Thanks directs Clients to the Import Declined screen, which then allows them to go back to their To Do page. When the Client navigates back to their To Do page, the Import My Info buttons will remain on the Things We Need from You, in case Client decides they want to import documents later. page 3

4 Example 1. Clients log in with their personal credentials. 2. Credentials verified. 3. Secured connections made. 4. Verification of Accounts made. Clients click Add Financial Institution or Share My Accounts. Clients should add all accounts, prior to clicking on Share My Accounts. When Share My Accounts is clicked first, and additional assets are needed, the tracking item will move to We re Working On It, and the Client can go back to Find My Assets For Me and start the process over. 5. Upon completion, the Client receives an Import Successful message. 6. Clients may receive a We Couldn t Sign You In message when there is a typo in the password, account number or the wrong bank was chosen. page 4

5 Assets - We re Working on It When the Import Successful pop up is closed, the tracking items will move to the We re Working on It section. One import should satisfy all asset-tracking items. For example, if we need $10,000 in assets and the Client imports assets in the amount of $20,000, the asset tracking item has been satisfied (subject to underwriting review.) The Client will not need to go back to the To Do section to import additional asset information unless the imported information is insufficient. Clients will receive an Import Not Available message when AccountChek is unable to find their account information. When updated asset information is needed, our underwriter will refresh the Client s asset information with a new 60-day account history directly from AccountChek. When the information is unable to update from AccountChek, the Client will have an asset tracking item on their TMM account for one of the following reasons: The Client changed their login information - The Client will need to log into the financial institute again The Client does not have enough assets in the financial institution logged - The Client can add another financial institution Underwriting will also add a new Client condition that will post on the Partner s Portal. Note: All AccountChek statements are subject to inconsistent deposit documentation. page 5

6 Example: Asset Document page 6

7 The Work Number The Work Number (TWN) allows QLMS to obtain a full verification of employment for our Client. In order to access this information, the Client must allow QLMS permission to work with The Work Number to obtain the information. Not all Clients will have the ability to have their employment information obtained through TWN as only about 40% of employers utilize TWN. - In some cases, when we utilize TWN for employment verification services, the Client may not have updated information from the employer in the system. Partners are encouraged to check the Work Number for employer participation prior to having Clients begin the process of income import. Note: The Work Number is not available for self-employed Clients. The Things We Need from You (TWNFY) lists income-tracking items and allows the Client to import their income information through the TMM website. The Client selects Find My Income for Me to begin the import process. Tracking items appear after teh Client e-signs the Intent to Proceed. Note: In the event of two Clients on the loan, each Client will log into TMM and import their own income documents. Income - The Import Process 1. After selecting Find My Income for Me, a pop-up will open to allow the Client to authorize Work Number to obtain and share information with QLMS. page 7

8 2. Selecting No Thanks directs Clients to the Import Declined screen, which then allows them to go back to their To Do page. When the Client navigates back to their To Do page, the Find My Income for Me buttons will remain on the Things We Need from You in case Client decides they want to import documents. 3. Selecting Accept begins the connection to Work Number. Clients receive a Sit Tight message. page 8

9 4. When the information is available and the import is completed, the Client receives an Import Successful message. 5. Clients will receive an Import Not Available message when the Work Number is unable to find their account information. 6. Client will receive an Import Error message when there is a connection issue with the Work Number. page 9

10 Income We re Working on It Once the pop-up is closed, the tracking item will move to We re Working on It. As each Client imports their income information, income related tracking items move to We re Working on It. The Client will not need to go back to To Do to import additional income information. Example of Verification of Employment (VOE) page 10