With Blend Income, loan teams can verify and reverify income and employment from the lender application. The ability to trigger Blend Income on the lender side is controlled by role permissions, which gives lenders greater control over when and who can initiate this workflow.
- Role permissions required to trigger Blend Income on the lender application
- Indicating borrower consent for income verification on the lender application
- Verify income on the lender application
- GSE Reference ID for Blend Income
- Blend Income Reverification
- Automated VOI at ITP and Export
Role permissions required to trigger Blend Income on the lender application
To verify income - Loan team members who need the ability to verify income, the Role permission called Permission to run verification of income must be set to Always.
To reverify income - Loan team members who need the ability to reverify income, the Role permission called Permission to reverify income must be set to Always.
Note: Blend Support does not manage roles and permissions. Reach out to your Blend Administrator for changes to your role and permissions to access this feature.
Indicating borrower consent for income verification on the lender application
In the Borrower Information section, you can indicate that you received borrower consent and how consent was received in the Other consumer report consent section.
Additionally, a checkbox at the bottom of the Verify Employment page asks lenders to confirm that they have received consent to obtain consumer reports to verify income and employment.
Capturing borrower consent for income and employment verification is required to proceed with ordering Verification of Income (VOI). The consumer report consent will be reflected in the Compliance Report.
Verify income on the lender application
To verify income, the borrower's SSN, DOB, present address, and consumer report consent are required to verify employment.
- Go to the Employment section of the application.
- Click Verify Employment.
- Click the radio button to verify income and employer details.
- Check the checkbox to indicate that you have received the borrower’s consent to obtain income and employment data.
- Click Verify.
The Income Verifications Results will show any income and employment data that we were able to locate from the data provider.
During the verification process, the Employer will show "Verifying" and the Status will say “Pending.” The Status will update in real time, according to the results of the verification attempt. All Blend Income attempts and results will be logged in the Activity Log.
If income and employment information is returned, the status will change to “Verified” and the Employment section of the lender application will be filled with the borrower's income and employment information. Clicking View Docs will take you to the Docs tab where the Blend Income Reporting will be available. There will be one report per borrower, per employer.
GSE Reference ID for Blend Income
A Reference ID will be generated when Blend Income returns a successful hit. The Blend Income GSE Ref ID will be included in the MISMO file and sent to the GSEs when AUS is run on the loan. The GSE Ref ID is available in three places:
- In the Blend Income Report
- In the MISMO file
- In the Employment section of the lender application under the "Reference Number" link.
Note: For customers using our SKU 3 Blend Income product, the GSE Ref ID will not be available on prequalification reports. The Ref ID will be included when the full report is pulled when the loan reaches Intent to Proceed (ITP).
Blend Income Reverification
Blend Income’s Reverification feature helps lenders meet the 10-day pre-closing verification (PCV) requirement by allowing loan team members to reverify income and employment, or employment only.
Re-verifying Blend Income in the lender application
- Go to the Employment section of the application.
- Click View Verification Results.
- You can re-verify income and employment or employment only.
Note: Only click the re-verify button once, as multiple clicks will incur additional income verification charges for your financial institution.
After clicking the reverify button, the status will change to Pending while it's verifying. If the re-verification attempt is successful, the Status will change back to “Verified'' and the timestamp in the “Verified On" column will update to the date and time the re-verification was successful. All re-verification attempts will be tracked in the Activity Log.
All documents generated from successful re-verifications will appear as new documents in the Docs tab on the lender application, and the Documents tab of the borrower portal.
If the initial VOI for this loan was completed with Blend Income, the application will default to using Blend Income for re-verification.
Note
- Reverification is all-or-nothing, meaning that all previously successful verifications will be re-verified when one of the buttons is clicked.
- Reverification documents will be added to the Docs tabs and cannot be replaced. Refer to the date and time to know if the document was generated as a result of a re-verification.
Re-verifying Blend Income outside of Blend
With the release of Blend’s public API version 7.0, Blend Income customers can use the income/verifications endpoint to re-verify income and employment outside of Blend (e.g., your Loan Origination System). Details on how to use this API endpoint are outlined in our developers portal.
Note: Using the API endpoint to re-verify income and employment requires an active contract for Blend Income. You must engage your development teams or a third-party contractor to design your workflow.
Automated VOI at ITP and Export
Automating Blend Income at Intent to Proceed (ITP) and application export eliminates the need to remember to verify income at key points in the application process thus reducing the number of requests for income verification once it's pulled.
Automated Blend Income at ITP
Blend Income at ITP is configured by default for Blend Income customers.
When a loan that has not previously attempted verification of income through Blend Income or TWN reaches ITP, Blend Income will attempt to verify income and employment upon delivery of ITP. This allows lenders to rely on Blend Income VOI for follow-up-only, disclosure-only, and lender-initiated loans, as long as TWN or Blend Income did not attempt VOI before ITP. Borrower consent for this verification attempt at ITP will be based on the borrower's authorization in the Borrower Certification & Authorization form signed as part of the initial disclosure package.
If Blend Income is successful, a full report will be generated. The report will be available in the Docs tab of the lender application and the Documents tab of the borrower portal.
For customers who use disclosures in Blend, VOI will be triggered when a borrower signs their initial disclosure package. This will be the default trigger for any Blend Income customer who uses disclosures in Blend. For customers using Encompass NextGen, Blend has an ITP event listener that will automatically post ITP to Blend when it's received through the LOS. Lastly, customers who sync the PROCESSING and/or UNDERWRITING LOS milestones to Blend can use those milestones as ITP triggers.
Automated Blend Income at application export
Blend Income at application export is an optional configuration and can be enabled for Blend Income customers upon request.
For loans that have not previously attempted VOI through Blend Income or TWN, Blend Income will attempt to verify income and employment when the application is exported to the LOS. If Blend Income is successful, a full report will be generated. The report will be available in the Docs tab of the lender application and the Documents tab of the borrower portal.
If TWN and Blend Income are configured to trigger at export, Blend Income will run first. If Blend Income does not return a successful hit, TWN will run as a fallback measure.