Velocify By Ellie Mae Get Ready For URLA 2020 Guide
Velocify by Ellie MaeGet Ready for URLA 2020 GuideLast updated on: December 14, 2020
ContentsURLA/ULAD Updates for Mortgage Users . 3Other Areas Impacted by URLA Field Updates. 8Fannie Mae Export. 8Reports . 9Email .10Lead Prioritization and Lead Distribution .11Encompass Sync .12Field Updates for URLA .12Updated Fields .12New Fields/Values .132
URLA/ULAD Updates for Mortgage UsersNOTE: The LeadManager 19.2 release addressed the new URLA fields in preparation for Encompasschanges introduced as part of URLA 2020. For new and existing Velocify users, this guide will explain howto access and leverage the new URLA fields in your LeadManager or Loan Engage instance.A redesigned version of the Uniform Residential Loan Application (URLA), also known as the Fannie MaeForm 1003 or the Freddie Mac Form 65, is replacing the 2009 version of the URLA effective March 1,2021. Lenders can begin using the new URLA on loans originated on or after January 1, 2021. Theadoption of the new URLA should be carefully coordinated between any products that sync with VelocifyLeadManager such as Encompass, Encompass Consumer Connect, and Encompass CRM.To support the URLA updates, certain fields have been updated and new fields added to LeadManagerand LoanEngage standard fields. These standard field changes affect LeadManager’s and LoanEngage’sLead Form View, Form Builder, and Lead Record Export.Depending on your LeadManager or LoanEngage instance configuration and customization, theseadditional areas of the application may be impacted by the URLA field updates: Fannie Mae export,Reports, Emails, Lead Prioritization and Lead Distribution, Encompass Sync.NOTE: These Velocify updates are certified to support Encompass URLA updates. If you are using a nonEncompass Loan Origination System (LOS), review your data for potential impact of the URLA changes.LoanEngage users will see different navigation, menus and standard fields then illustrated here.3
To View New URLA Fields:For the purpose of this exercise, we will review changes to a co-borrower field and their location, basedon the standard LeadManager configuration, available out of the box. For a complete list of updated andnew fields, see Field Updates for URLA.1. Log into Velocify LeadManager and click the Leads tab.2. Right-click on a lead and then click Edit/View Lead.4
3. Click the Lead Form View tab.4. Click the Borrower(s) Information tab.5
5. Scroll down to the Co-Borrower Basics panel.6
6. Click the Co-Borrower Marital Status drop-down field to view new values (Civil Union, DomesticPartnership, Registered Reciprocal Beneficiary Relationship) added to this list.If you need to update the existing/out of the box layout of your LeadManager instance, LeadManageradministrators can use the options in Form Builder to customize your instance, leveraging the new URLAfields.To access Form Builder, click your name on the top right corner of any LeadManager page, and underAdministration, click Form Builder.For more information, see Form Builder: Detailed Review.7
Other Areas Impacted by URLA Field UpdatesDepending on your LeadManager instance configuration and customization, the following areas of theapplication may be impacted by the URLA field updates: Fannie Mae exportReportsEmailsLead Prioritization and Lead DistributionEncompass SyncFannie Mae ExportFor instances updated with the new URLA fields, in addition to the Fannie Mae 3.2 option, a Fannie Mae3.4 option is available in the Export Lead menu. Use this option to export your new URLA data in FannieMae 3.4 format.To export to Fannie Mae, right click a Lead record, point to Export Lead and then click Fannie Mae 3.4.8
ReportsUse the new URLA 2020 fields to create Reports for your business needs.To access reports, click your name on the top right corner of any LeadManager page, and select one ofthe options under Reporting.For more information, see Custom Reports: Detailed Review.9
EmailIf you have access to email configuration, you can leverage the new URLA fields to update content inyour existing email templates.For more information on emails, see the Email-related Feature Overviews on the Velocify Support page.10
Lead Prioritization and Lead DistributionYou can leverage the new URLA fields to create (or update) filter settings in your new or existing LeadPrioritization and/or Lead Distribution programs.For more information on Lead Prioritization or Lead Distribution, see Lead Prioritization and LeadDistribution Feature Overviews on the Velocify Support page.11
Encompass SyncStandard fields in Encompass Sync have been updated with the new URLA fields. If your instance hascustom fields, review the fields included in your Encompass Sync data for possible updates needed dueto the new URLA fields.Field Updates for URLAThis section documents all standard fields that have been updated or added to support the new URLAupdates. For existing users, to access and leverage the new URLA fields, these fields will need to beadded to your Velocify instance on or after January 1, 2021. The adoption of the new URLA should becarefully coordinated between any products that sync with Velocify LeadManager such as Encompass,Encompass Consumer Connect, and Encompass CRM.NOTE: Changes have been made to the default Summary, Borrower(s) Information, PropertyInformation, Loan Information, Finances, Payment Calculator, and Loan Features tabs. No changes havebeen made to Borrower Profile, Funding, Lead Information, Miscellaneous Information, ReferralInformation or custom tabs. Depending on your LeadManager instance configuration and customization,the location of these fields may vary.Updated FieldsThe table below documents the fields updated due to the URLA 2020 changes, and their location withinthe Lead Details page, based on the standard, out of the box configuration. New Velocify instances will seethe updated URLA labels automatically. Existing instances will maintain the Existing Field name label toprotect the integrity of any external data relationships that you may have. If desired, field names can bemodified in Form Builder to reflect the Updated Field name.To view the Lead Details page, right-click a lead, and then click Edit/View Lead.Default LocationFinances tab BorrowerGross Monthly IncomepanelProperty Information tab Property Details panelSummary tabBorrower(s) Informationtab Borrower Basics,Borrower Details, CoBorrower Basics and CoBorrower Details panelsExisting FieldBase IncomeUpdated FieldTotal Base Income/MonthGross RentRental IncomeLoan Application IDProperty AddressHome PhoneTime at JobAddressFirst Name (Co-Borrower)Last Name (Co-Borrower)Email (Co-Borrower)Evening Phone (CoBorrower)Mobile Phone (CoBorrower)Address (Co-Borrower)City (Co-Borrower)Universal Loan Identifier (select templates)Property StreetEvening PhoneEmployment Length in YearsStreetCo-Borrower First NameCo-Borrower Last NameCo-Borrower EmailCo-Borrower Home Phone12Co-Borrower Mobile PhoneCo-Borrower StreetCo-Borrower City
Default LocationLoan Information tab Current Mortgage panel,Refinance Loan panel,Desired MortgageInformationExisting FieldState (Co-Borrower)Zip Code (Co-Borrower)Marital Status (CoBorrower)Date of Birth (CoBorrower)Employer Name (CoBorrower)Employer Position (CoBorrower)Employment Length inYears (Co-Borrower)Credit Profile (CoBorrower)Original Loan AmountProperty Purchase YearLien PositionUpdated FieldCo-Borrower StateCo- Borrower Zip CodeCo-Borrower Marital StatusCo-Borrower Date of BirthCo-Borrower Employer NameCo-Borrower Employment PositionCo-Borrower Employment Length in YearsCo-Borrower Credit ProfileFirst Loan AmountYear AcquiredMortgage Lien TypeNew Fields/ValuesThis section documents the areas within the Lead Details page updated with new fields and field values,due to the URLA changes. These fields will be displayed in both new and existing Velocify instances.Default TabDefault PanelSummaryN/ABorrower(s) InformationField Name/ValuesVeteran (check box)Universal Loan Identifiero Marital Status: The following drop-downvalues were added:o Civil Uniono Domestic Partnershipo Registered Reciprocal BeneficiaryRelationshipo Start Date at Employero Dependent Counto Borrower Unit #o Borrower CountryBorrower DetailsBorrower Basics13
Default TabDefault PanelCo-Borrower DetailsCo-Borrower BasicsPayment CalculatorLoan DetailsMortgage TermsLoan InformationProperty InformationDesired MortgageProperty Details14Field Name/Valueso Co-Borrower Marital Status (MaritalStatus (Co-Borrower) The following dropdown values were added:o Civil Uniono Domestic Partnershipo Registered Reciprocal BeneficiaryRelationshipo Co-Borrower Dependent Counto Co-Borrower Start Date at Employero Co-Borrower Total Base Income/Montho Co-Borrower Total Bonus Income/Montho Co-Borrower Total Commissions/Montho Co-Borrower Unit #o Co-Borrower Countryo Refinance Type updated with thefollowing drop-down values:o No Cash Outo Limited Cash Outo Cash Outo Refinance Program updated with thefollowing drop-down values:o Full Documentationo Interest Rate Reductiono Streamlined without Appraisalo Othero Loan Term (months)o Mortgage Lien Type updated with thefollowing drop-down values:o First Lieno Subordinate Lieno Property and Loan Information ProjectType updated with the following dropdown values:o Condominiumo Cooperativeo Planned Unit Development (PUD)o Property is not located in a projecto Residency Type updated with thefollowing drop-down values:o Primary Residenceo Second Homeo Investment Propertyo FHA Secondary Residenceo Property Unit # (new field)o Monthly Insurance, Taxes, AssociationDues, etc.
Default TabDefault PanelLoan Features (new tab)N/AFinancesBorrower GrossMonthly IncomeField Name/Valueso Balloon/Balloon Term (months)o Initial Period Prior to First Adjustment(months)o Subsequent Adjustment Period (months)o Negative Amortization (checkbox)o Prepayment Penalty Term (months)o Initial Buydown Rate %o Total Bonus Income/Montho Total Commissions/Montho Total Monthly Income will need to beupdated to calculate all new fields underVelocify Field Group Borrower GrossMonthly Income (i.e. Bonus,Commissions, Base, Other). Please reachout to Velocify Support for this change.15
administrators can use the options in Form Builder to customize your instance, leveraging the new URLA fields. To access Form Builder, click your name on the top right corner of any LeadManager page, and under Administration, click Form Builder. For more information, see . Form Builder: Detailed Review .
3. Velocify Posts New Leads to Marketo Use Case While all digital leads will originate in Marketo, leads that walk into the office, email their information and phone in might originate in Velocify so this section is critical. Marketo Data Fields Marketo data fields must be set up to receive the new lead post from Velocify. "Velocify ID" must be
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