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.
Currently, DocIncome uses data from the following document sources:
Any attachment you upload into the Processing Required document container you've configured for DocIndex will be processed by DocIncome.
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.
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.
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.
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.
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.
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.
A pop-up window will appear that displays the messages in order of severity. You can find a list of all possible alerts here.
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.
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.
Updated over 1 year ago