Setting Income for Current Non-employment

Available: Beta 10/11, Prod 11/8

How to turn on

This feature will automatically be turned on for all customers on the dates listed above.

Purpose of Update and Benefit

When a borrower's employment type is set as Current non-employment (ie, homemaker, retired, student, etc), the loan does not trigger TRID even though it is technically considered employment with an income of $0. This update will now record these employment types as $0 incomes.

Current Behavior

Currently, when a borrower’s employment type is set to Current non-employment (i.e. homemaker, retired, student, etc.), the loan would not trigger TRID. The workaround for this was to choose the income type “Other” and enter $0 for income, or to add placeholder info into the employment section for that borrower.

New Behavior

TRID will now trigger (assuming all other elements are also filled in) if a borrower has Current non-employment types selected for them in the Income section of the lender application.

There are no impacts to the borrower application. When Current non-employment is selected for a borrower’s income, we will now populate a current income item in the MISMO with

CurrentIncomeMonthlyTotalAmount = 0

0 Votes