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Velocify by Ellie Mae LeadManager - Get Ready for URLA Guide

URLA/ULAD Updates for Mortgage Users

NOTE: The LeadManager 19.2 release addresses the new URLA fields, to prepare for the Encompass 19.3 release targeted for July 2019. For existing Velocify users, future communications will explain how to access and leverage the new URLA fields in your LeadManager instance. For new users, these fields will be available out of the box.

 

A redesigned version of the Uniform Residential Loan Application (URLA), also known as the Fannie Mae Form 1003 or the Freddie Mac Form 65, is replacing the 2009 version of the URLA effective February 1, 2020. Lenders can begin using the new URLA on loans originated on or after July 1, 2019. The adoption of the new URLA should be carefully coordinated between any products that sync with Velocify LeadManager such as Encompass, Encompass Consumer Connect, and Encompass CRM.

 

To support the URLA updates, certain fields have been updated and new fields added to LeadManager standard fields. These standard field changes affect LeadManager’s Lead Form View, Form Builder, and Lead Record Export.

 

Depending on your LeadManager instance configuration and customization, these additional 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 non-Encompass Loan Origination System (LOS), review your data for potential impact of the URLA changes.

 

To View New URLA Fields:

 

For the purpose of this exercise, we will review changes to a co-borrower field and their location, based on the standard LeadManager configuration, available out of the box. For a complete list of updated and new fields, see Field Updates for URLA at the bottom of this article.

 

Log into Velocify LeadManager and click the Leads tab.

 

 

 

Right-click on a lead and then click Edit/View Lead.

 

 

 

 

 

Click the Lead Form View tab.

 

 

 

Click the Borrower(s) Information tab.

 

 

 

Scroll down to the Co-Borrower Basics panel.

 

 

 

Click the Co-Borrower Marital Status drop-down field to view new values (Civil Union, Domestic Partnership, Registered Reciprocal Beneficiary Relationship) added to this list.

 

 

 

If you need to update the existing/out of the box layout of your LeadManager instance, LeadManager 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.

 

 

 

Other Areas Impacted by URLA Field Updates

Depending on your LeadManager instance configuration and customization, the following areas of the application may be impacted by the URLA field updates:

  • Fannie Mae export
  • Reports
  • Emails
  • Lead Prioritization and Lead Distribution
  • Encompass Sync

 

Fannie Mae Export

For instances updated with the new URLA fields, in addition to the Fannie Mae 3.2 option, a Fannie Mae 3.4 option is available in the Export Lead menu. Use this option to export your new URLA data in Fannie Mae 3.4 format.

 

To export to Fannie Mae, right click a Lead record, point to Export Lead and then click Fannie Mae 3.4

 

 

 

Reports

Use the new URLA 2019 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 of the options under Reporting.

 

For more information, see Custom Reports: Detailed Review.

 

 

 

Email

If you have access to email configuration, you can leverage the new URLA fields to update content in your existing email templates.

 

For more information on emails, see the Email-related Feature Overviews on the Velocify Support page.

 

 

 

Lead Prioritization and Lead Distribution

You can leverage the new URLA fields to create (or update) filter settings in your new or existing Lead Prioritization and/or Lead Distribution programs.

 

For more information on Lead Prioritization or Lead Distribution, see Lead Prioritization and Lead Distribution Feature Overviews on the Velocify Support page.

 

 

Encompass Sync

Standard fields in Encompass Sync have been updated with the new URLA fields. If your instance has custom fields, review the fields included in your Encompass Sync data for possible updates needed due to the new URLA fields.

 

Field Updates for URLA

This section documents all standard fields that have been updated or added to support the new URLA updates.

 

For existing users, to access and leverage the new URLA fields, these fields will need to be added to your Velocify instance on or after July 1, 2019. Future communications will explain how to access and leverage the new URLA fields in your LoanEngage instance. The adoption of the new URLA should be carefully 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, Property Information, Loan Information, Finances, Payment Calculator, and Loan Features tabs. No changes have been made to Borrower Profile, Funding, Lead Information, Miscellaneous Information, Referral Information or custom tabs. Depending on your LeadManager instance configuration and customization, the location of these fields may vary.

 

Updated Fields

The table below documents the fields updated due to the URLA 2019 changes, and their location within the Lead Details page, based on the standard, out of the box configuration. New Velocify instances will see the updated URLA labels automatically. Existing instances will maintain the Existing Field name label to protect the integrity of any external data relationships that you may have. If desired, field names can be modified 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 Location

Existing Field

Updated Field

Finances tab>Borrower Gross Monthly Income panel

Base Income

Total Base Income/Month

Property Information tab> Property Details panel

Gross Rent

 

Rental Income

 

Summary tab

Loan Application ID

Universal Loan Identifier (select templates)

Property Address

Property Street

Borrower(s) Information tab> Borrower Basics, Borrower Details, Co-Borrower Basics and Co-Borrower Details panels

Home Phone

Evening Phone

Time at Job

Employment Length in Years

Address

Street

First Name (Co-Borrower)

Co-Borrower First Name

Last Name (Co-Borrower)

Co-Borrower Last Name

Email (Co-Borrower)

Co-Borrower Email

Evening Phone (Co-Borrower)

Co-Borrower Home Phone

Mobile Phone (Co-Borrower)

Co-Borrower Mobile Phone

Address (Co-Borrower)

Co-Borrower Street

City (Co-Borrower)

Co-Borrower City

State (Co-Borrower)

Co-Borrower State

Zip Code (Co-Borrower)

Co- Borrower Zip Code

Marital Status (Co-Borrower)

Co-Borrower Marital Status

Date of Birth (Co-Borrower)

Co-Borrower Date of Birth

Employer Name (Co-Borrower)

Co-Borrower Employer Name

Employer Position (Co-Borrower)

Co-Borrower Employment Position

Employment Length in Years (Co-Borrower)

Co-Borrower Employment Length in Years

Credit Profile (Co-Borrower)

Co-Borrower Credit Profile

Loan Information tab> Current Mortgage panel, Refinance Loan panel, Desired Mortgage Information

Original Loan Amount

First Loan Amount

Property Purchase Year

Year Acquired

Lien Position

Mortgage Lien Type

 

New Fields/Values

This section documents the areas within the Lead Details page updated with new fields and field values, due to the URLA changes.

 

Default Tab

Default Panel

Field Name/Values

Summary

N/A

Veteran (check box)

Universal Loan Identifier

Borrower(s) Information

 

Borrower Details

o   Marital Status: The following drop-down values were added:

o   Civil Union

o   Domestic Partnership

o   Registered Reciprocal Beneficiary Relationship

o   Start Date at Employer

o   Dependent Count

Borrower Basics

o   Borrower Unit #

o   Borrower Country

Co-Borrower Details

o   Co-Borrower Marital Status (Marital Status (Co-Borrower) The following drop-down values were added:

o   Civil Union

o   Domestic Partnership

o   Registered Reciprocal Beneficiary Relationship

o   Co-Borrower Dependent Count

o   Co-Borrower Start Date at Employer

o   Co-Borrower Total Base Income/Month

o   Co-Borrower Total Bonus Income/Month

o   Co-Borrower Total Commissions/Month

Co-Borrower Basics

o   Co-Borrower Unit #

o   Co-Borrower Country

Payment Calculator

Loan Details

o   Refinance Type updated with the following drop-down values:

o   No Cash Out

o   Limited Cash Out

o   Cash Out

o   Refinance Program updated with the following drop-down values:

o   Full Documentation

o   Interest Rate Reduction

o   Streamlined without Appraisal

  • Other

Loan Information

Mortgage Terms

o   Loan Term (months)

Desired Mortgage

o   Mortgage Lien Type updated with the following drop-down values:

o   First Lien

o   Subordinate Lien

Property Information

Property Details

o   Property and Loan Information Project Type updated with the following drop-down values:

o   Condominium

o   Cooperative

o   Planned Unit Development (PUD)

o   Property is not located in a project

o   Residency Type updated with the following drop-down values:

o   Primary Residence

o   Second Home

o   Investment Property

o   FHA Secondary Residence

o   Property Unit # (new field)

o   Monthly Insurance, Taxes, Association Dues, etc.

Loan Features (new tab)

N/A

o   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 %

Finances

Borrower Gross Monthly Income

o   Total Bonus Income/Month

o   Total Commissions/Month

o   Total Monthly Income now includes all new fields under Velocify Field Group Borrower Gross Monthly Income (i.e. Bonus, Commissions, Base, Other)

 

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