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How to automate income and asset verification for applications started in the Consumer Connect portal

Verifications via Encompass Consumer Connect (ECC)

By integrating Truv with Encompass Consumer Connect, you can move your verification of assets (VOA) and income (VOIE) to the "Point of Sale." Instead of chasing borrowers for bank statements or paystubs after the application is submitted, borrowers connect their accounts while completing their initial application.

When a borrower uses the Truv integration in ECC, the verified data is automatically mapped to the URLA fields and the final reports are delivered directly to the Encompass eFolder once the loan record is created.

How the Flow Works

  1. Borrower Consent: The borrower reaches the Asset or Income section of your branded ECC site and provides digital consent (mandatory per ICE regulations).
  2. The "Import" Option: Rather than manual entry, the borrower selects "Import Assets" or "Import Employment/Income."
  3. Secure Connection: The Truv Bridge opens securely within the portal. The borrower selects their financial institution or payroll provider and logs in.
  4. Data Sync: Truv retrieves the data in real-time. ECC displays a "Waiting for Assets/Income" status while the data is processed.
  5. Application Update: Once complete, the 1003 URLA fields in the application are automatically populated with the verified data.
  6. LOS Delivery: When the application is submitted, the loan record is created in the Encompass LOS, and the Truv verification reports are waiting in the eFolder.

Frequently Asked Questions

Does the borrower need to create an account?

Yes. To protect sensitive financial data and allow for a seamless "Build Once, Use Everywhere" experience, borrowers must register and log into their Consumer Connect account to use third-party verification services.

What happens if a borrower starts the verification but doesn't finish?

If a borrower exits the Truv Bridge before completion, they can return to that section later in their portal. Additionally, if the loan is already in the LOS, you can trigger a reminder or refresh the order from the Encompass Smart Client.

Will the data match my LOS settings?

Yes. If you have specific Customization Templates (e.g., limiting paystubs to the last 60 days), these settings carry over to the ECC experience to ensure the data you receive in the portal matches your underwriting requirements in the LOS.

What if the borrower has a Co-Borrower?

Both the primary borrower and the co-borrower will have their own dedicated "Import" sections within the ECC workflow, allowing each party to verify their own respective income and assets independently.

Admin Setup Quick-Start

To enable Truv in your ECC instance:

  1. Log into the Consumer Connect Admin Portal.
  2. Navigate to Services Management.
  3. Select Asset Verification or Employment and Income Verification.
  4. Choose Truv as your provider and enter your API credentials (App Key, Partner ID, and Secret).
  5. Ensure the "Enabled" toggle is set to Yes.