Lender experience with Truework

With Truework, loan teams can verify and reverify income and employment from the lender application. The ability to initiate Truework services through the lender application is controlled by role permissions, which gives lenders greater control over when and who within the loan team can initiate this workflow.

TABLE OF CONTENTS

• Role permissions required to initiate income verification
• Requirements for initiating income verification through the lender application
• Consumer Report Consent
• Instant verification through the lender application
• Credentials verification through the lender application
• GSE Reference ID
• Reverification
  • Re-verifying employment in the lender application
  • Re-verifying Employment for the Credentials verification method
  • Re-verifying Employment outside of Blend
• Automated VOI at ITP and Export
  • Automated VOI at ITP
  • Automated VOI at Application Export

Role permissions required to initiate income verification

• 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.

Requirements for initiating income verification through the lender application

In order to initiate verification of income through the lender application, the loan must have the following: 

• Social Security Number
• Date of Birth
• Present Address
• Consumer Report Consent

If any of these fields are missing, loan team members will see an error message explaining which fields are missing and will be prevented from proceeding with the verification request. 

Consumer Report Consent

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.

Instant verification through the lender application

To verify income, the borrower's SSN, DOB, present address, and consumer report consent must be present on the loan.

1. Go to the Employment section of the application.
2. Click Verify Employment.
   
   
   
   
3. Click the radio button to verify income and employer details.
4. Check the checkbox to indicate that you have received the borrower’s consent to obtain income and employment data.
5. 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 Truework VOIE 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 income reports will be available. There will be one report per borrower, per employer.

Credentials verification through the lender application

Lenders can manually initiate a follow-up that will prompt borrowers to connect to their income information from using Truework Income’s Credentials verification method. This allows loan teams to utilize the Credentials verification method in the following use cases: 

• Post-submit loans where the borrower skips this step
• Loans that are initiated in the lender application
• Follow-up only loans

To manually request the follow-up, loan teams should navigate to the follow-ups tab in the lender application and search for the “Blend Login-Based Income Verification” follow-up. It can also be found by clicking on the “Income” category from the menu.

Once selected, loan team members will be able to select which borrower(s) on the loan should receive the follow-up request.

On the next screen, loan teams will be able to review the email messaging that will go out to the borrower(s) when the follow-up is submitted.

Loan teams will then see the follow-up and its status listed in the Follow-ups tab.

The borrower will receive an email after the follow-up is submitted to them by the loan team. 

Borrowers will see an Income task in the borrower home. Borrowers should click “Start this section” to proceed.

The experience from this point will match the borrower experience through the Credentials verification workflow. 

When the borrower completes this follow-up task, the Status in the Follow-ups tab in the lender application will change to Completed. 

If the borrower(s) connected to their payroll provider, an income report will appear in both the borrower and lender application in the Documents and Docs tabs, respectively. 

GSE Reference ID

A GSE Reference ID will be generated when Truework VOIE returns a successful hit. The GSE Ref ID will be available in three places:

• In the Truework Income Report
• In the MISMO file
• In the Employment section of the lender application under the "Reference Number" link.

Note: 

• For customers using the prequalification 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).
• The "Reference Number" link is an optional setting. Contact Blend Support if you would like this enabled in your environment. 

Reverification

Reverification helps lenders meet the 10-day pre-closing verification (PCV) requirement by allowing loan team members to reverify employment.

Note: Per GSE guidelines, it is only necessary to verify employment to meet PCV requirements. Based on this guidance, Truework's reverification solution only supports reverification of employment.

Re-verifying employment in the lender application

1. Go to the Employment section of the application.
2. Click View Verification Results.
   
   
   
   
3. Click Re-verify Employment.
   
   
   

Note: 

• Only click the re-verify button once, as multiple clicks will incur additional income verification charges for your financial institution.
• For customers using Truework's prequalification product, it is not possible to re-verify unless the loan has passed the ITP milestone. The Re-verify Employment button will be inactive. 

After clicking the 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 “Time" 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.

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 Employment for the Credentials verification method

If loan teams initiate a reverification where the initial verification was done through the Credentials verification method, a follow-up will be issued to the borrower(s) asking them to re-connect to their payroll accounts. Loan teams can track the status of the follow-up in the Follow-Ups tab of the lender application. 

After borrowers successfully log in and complete the Task, the follow-up will be completed in the follow-ups page, and a Verification of Employment report will be available in the Docs tab. See the “Credentials verification through the lender application” section of this guide for more information about how borrowers can interact with this follow-up. 

If loan teams initiate a reverification for a borrower who initially logged in to provide verified income before the borrower’s login session has expired, the reverification will be done automatically and without requiring the borrower to log in again or complete a follow-up. 

Re-verifying Employment outside of Blend

With the release of Blend’s public API version 7.0, 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 income verification services. You must engage your development teams or a third-party contractor to design your workflow.

Automated VOI at ITP and Export

Automating VOI 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 VOI at ITP

Automated VOI at ITP is configured by default for Truework customers.

When a loan that has not previously attempted verification of income through Truework or TWN reaches ITP, Truework will attempt to verify income and employment upon delivery of ITP. This allows lenders to rely on Blend's VOI solutions for follow-up-only, disclosure-only, and lender-initiated loans, as long as TWN or Truework did not attempt to verify income 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 Truework VOIE 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, VOIE will be triggered when a borrower signs their initial disclosure package. This will be the default trigger for any Truework 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 VOI at Application Export

Automated VOI at Application Export is an optional configuration and can be enabled for Truework customers upon request.

For loans that have not previously attempted VOI through Truework or TWN, Truework will attempt to verify income and employment when the application is exported to the LOS. If successful, a Truework Income Report will be generated and made available in the Docs tab of the lender application and the Documents tab of the borrower portal.

If TWN and Truework are configured to trigger at export, Trueworkwill run first. If Truework does not return a successful hit, TWN will run as a fallback measure.