DocIncome

Overview

DocIncome uses our APIs to calculate income using data extracted from borrower-provided employment documents. Within an Encompass LOS input form, end users can review calculations, make necessary adjustments, and write values directly to the 1003, all without ever leaving their main system of operation. We’ve worked directly with industry subject matter experts and Ocrolus customers to refine the calculations and ensure they meet investor guidelines.

The following video summarizes the detailed useful information available on the rest of this page.

Supported Income Documents

Currently, DocIncome uses data from the following document sources:

How to Use

Any attachment you upload into the Processing Required document container you've configured for DocIndex will be processed by DocIncome.

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A list of document containers in an Encompass instance. The container named "Processing Required" is configured to submit documents to Ocrolus.

To see DocIncome, go to the Forms tab and open the form named * Ocrolus. You may need to check the Show in Alpha Order or Show All boxes. Select the DocIncome button.

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The Ocrolus Tools custom input form is selected in the Forms tab of the Loan menu. Buttons to access DocIncome and DocSnapshot are shown beneath the Ocrolus logo.

The Income Calculation window groups the various income types we support into separate sections. Not all sections will be relevant for each borrower; for instance, salaried employees generally don't receive overtime income. Sections for which we've estimated income are highlighted with a green checkmark.

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The Income Calculation window for a borrower. The Hourly Income tab is selected, showing various estimates for their hourly income.

You can browse our income estimates for individual borrowers and their employers with the Borrwer Name and Employer dropdown menus. The worksheet will show one borrower-employer pair at a time.

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The "Borrower Name" dropdown menu is selected, revealing five borrowers for one loan application.

Occasionally, we fail to match an Encompass-stored borrower or employer with one of the names we captured. In that case, you can correct the issue in the Borrower Mapping menu. Click the magnifying glass icon next to the Borrower Name or Employer dropdowns, and you can reconcile the names yourself.

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The borrower mapping menu. An existing Encompass record for John Adams is being manually matched to the captured name "JOHN ADAMS" (in all caps).

We offer several different methods of determining a borrower's monthly income so that you can decide which one works best for you. You can select your preferred estimate with the radio buttons in the Final Monthly Income Calc section.

Once you've made that decision, you can write it to the associated 1003 fields with the Write to 1003 button. These values will be passed to the VOE record of whichever employer is currently selected.

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Possible values of monthly income for a borrower. "YTD average" is selected, and is about to be written to the 1003 form.

Alerts

We may raise an alert if we can't find a required document or piece of information. This alert will contain details about the cause and severity of the problem. You can view a borrower's alerts by clicking the "Alert" icon in the upper-right corner of the DocIncome window.

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The bell-shaped Alert icon in the upper-right corner of the DocIncome window is highlighted.

A pop-up window will appear that displays the messages in order of severity. You can find a list of all possible alerts here.

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The Ocrolus Alerts window, displaying several alerts for a borrower.

Printing to PDF

Once you finish making all necessary manual changes to a loan, you can "print" a PDF copy of the DocIncome worksheet directly to the eFolder. This way you or your loan team can track changes to a borrower's income over time.

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The Print icon in the upper-right corner of the DocIncome window is highlighted.

Limitations

DocIncome can't currently accommodate these use cases:

  • Self-employment. This will be implemented at a later time.
  • WVOEs for future employment. These will be ignored for the purpose of income calculations.
  • Pay stubs and W-2s that list different employers for the same job, as may happen with a payroll service like Justworks. We can calculate overall income correctly, but the applicant may appear to have two simultaneous employers.

See also