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LoanEngage 19.2 Release Notes

Feature Enhancements

URLA/ULAD Updates

 

NOTE: The LoanEngage 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 LoanEngage 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 LoanEngage such as Encompass, Encompass Consumer Connect, and Encompass CRM.

 

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

 

Depending on your LoanEngage 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.

 

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 below.

 

 

Log into Velocify LoanEngage and click the Leads tab.

 

 

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

 

 

Click the Borrrower(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 LoanEngage instance, LoanEngage administrators can use the options in Form Builder to customize your instance, leveraging the new URLA fields.

 

To access Form Builder, click the Menu tab, and under Administration, click Form Builder.

 

For more information, see Form Builder: Detailed Review.

 

 

Other Areas Impacted by URLA Field Updates

Depending on your LoanEngage 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 the Menu tab, 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 LoanEngage 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 Mortgage Presentation, Borrower Profile, Funding, Lead Information, Miscellaneous Information, Referral Information or custom tabs. Depending on your LoanEngage 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.

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)

 

SMS Notification Update

Flashing Header for New SMS from Leads

Starting with the Velocify by Ellie Mae 19.2 release, the SMS header blinks indicating that a lead has sent you a new message and the number on the header indicates the number of leads that have sent you messages that you have not yet read. The blinking stops after a few seconds and continues to display the number of unread conversations.

 

Once you interact with the messaging window (click in it), the green header will return to gray, indicating that you have acknowledged the unread conversations.

 

 

Audio Notifications for Dial-IQ Instances

Starting with the Velocify by Ellie Mae 19.2 release, audio/sound has been added to some alerts and notifications to enhance their visibility. The audio notifications are enabled by default. You have the ability to mute each type of notification. Once the current notification is muted, subsequent notifications for that alert type will be muted as well. You have the ability to unmute them later, in which case, future notifications will again be displayed with sound.

 

NOTE: The audio notifications are not configured by the administrator. They are enabled by default and each user can disable/enable sound for their alerts.

The following Shotgun notifications support audio alerts:

  • Incoming phone call: When an incoming phone call is distributed, it displays to all users who are available and eligible for the distribution program. You will now hear a sound, in addition to seeing the screen notification.

Transfers: If you are talking to a lead and need to transfer the lead to another user, if the distribution program uses Shotgun to find another user, the transfer will display to the eligible users, with a sound.

 

 

New lead: When a new lead enters the system, if the distribution program uses Shotgun, notifications will be displayed with a sound, to eligible users in the system.

 

Notification Prioritization: When you are on a lower priority phone call and a higher priority call/transfer or lead assignment is received via Shotgun, a notification with sound is displayed. You can stop the current phone call and receive the higher priority event.

 

 

You have the ability to mute the notifications when they are displayed to you.

To mute a notification, click the Speaker icon.

 

 

This will mute the current and future notifications for this type of alert only.

 

 

If you want to unmute the notification, click the Speaker icon when the alert is displayed.

 

 

Fixed Issues

The following issues were fixed with this release:

  • Scheduled Reports: Prior to this release, if the default text, Please see attached report… was removed from a scheduled report, the report was not sent. This has been fixed so that the default text is now indicated as mandatory information.
  • SMS Window: A blank SMS window was displayed on a few instances. This has been fixed so that the SMS window now displays as designed.
  • Average Call Volume Report: Prior to this release, the Average Call Volume Report displayed inaccurate data. This has been fixed so that data in the report matches the data in the application.
  • Email Opt Out: An issue occurred prior to this release where only one lead associated with an email address was struck out for email opt out. This has been fixed so that all leads associated with an email address are included in the email opt out request.
  • Encompass Sync: Prior to this release, for Velocify instances with the Encompass integration, when the loan officer assigned to a loan was updated in Encompass, the change was not reflected in Velocify. This has been fixed so that the Velocify user is updated after the Encompass sync.
  • Call Flow Confirmation Window: An issue occurred prior to this release where confirmation messages were displayed only intermittently for campaign and/or inbound call flow updates. This has been fixed so that the confirmation windows are displayed consistently with every update.
  • Email Drip Settings: An issue occurred prior to this release where the email template Delivery/Drip Settings were reset if the email body was updated. This has been fixed so that the delivery settings are retained if the email template body is modified.
  • Caller ID Settings: An issue occurred prior to this release where updates to the Caller ID (Overrides Company Caller ID) field were not saved. This has been fixed so that updates to the field are now saved and applied.
    NOTE: Users can access this setting from Preferences> My Settings; administrators can access it from Administration> Users & Groups> Manage Users> Options> Settings
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