Lenders can view data from the 1003 URLA and Truv Verification Report side-by-side in Encompass for Income, Employment, and Asset Verifications. This allows users to select specific fields to write data from the Truv Report to the 1003 URLA.
Note: Contact Truv Customer Success to enable this feature. Watch the video demonstration here!
Step 1: Open Update Loan Data
For an order completed in the last 30 days:
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Open the Actions dropdown in Encompass.
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Click the Update loan data button.
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The number on the button indicates the number of mismatched fields between the 1003 and report data.
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Step 2: Review and Match Data
The Update loan data pop-up displays a comparison table for each employer detected in the Truv Report. Truv matches employers based on employer name:
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If a match exists: Field values are shown side-by-side.
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If no match exists: The 1003 URLA column will show empty values ("-"). Overwriting will create a new employment entry in the loan.
Step 3: Asset Matching
For Assets, there will be a list of accounts grouped by financial institution and a table comparing the 1003 URLA and Truv report values for each.
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Manual Entries: Truv will not match asset data in the Truv report to asset data entered manually or by another provider.
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Truv Entries: If Truv previously created entries in the 1003 URLA, the Update loan data form will match by Account number and allow overriding those.
Step 3: Overwrite Selected Data
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Select all or specific fields, employers, or accounts.
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Click Overwrite selected data to write the information to Encompass.