Overview

Verification of Income (VOI)

The Verification of Income (VOI) returns the borrower’s income details including the hire date, period of employment, and employer information along with other details, which can be used to validate the borrower’s income details that is stated on the loan application. The income data for the past three years can be retrieved from the VOI service.

VOI has two modes of verifications: Instant, which is a synchronous process and Researched Verification (RV), which is an asynchronous process that takes up to two to three days to retrieve the data. The time taken for the RV mode is due to the manual verification in case of a 'No Hit' in the Instant VOI mode.

The VOI service also supports an integrated mode, Waterfall that starts as an instant request and ends if there is a hit in Equifax database. Else, in a No-Hit scenario, it automatically moves into the Researched Verification mode for an asynchronous manual processing.

Note: An estimated 60% – 70% of all the VOI requests need to go into the Researched Verification flow due to a No-Hit in Instant mode.

FinConnect Supports Verification of Income Service through the following providers:

Equifax® The Work Number® (TWN)
The Work Number is a database where all the employers store their employment related data. In the Verification of Income (VOI) process, the borrower's information is verified at the source.

Product code	Version	Supported Operations
EQF_VOI_SER	v2	Instant Submit Request; Researched Verification (RV) Submit Request; Status Query Request.
EQF_VOI_SER	v3	Instant Submit Request; Researched Verification (RV) Submit Request

FINICITY®

Product code	Version	Supported Operations
FNC_VOI_SER	v3	Create New Order, Retrieve Order, Retrieve Order by ID, Update Order, Delete Customer, Create New Borrower, Retrieve Borrower by ID, Retrieve Borrower by Order, Update Borrower, Get Enrollment Widget, Generate Report, Get Report by Borrower, Get Specific Report by Borrower, Get Report by Order, Get Specific Report by Order, Get Account Info, Get Specific Account Info, Get Account Information by Institution, Get Account Statement by Account ID

Verification of Employment (VOE)

Verification of Employment (VOE) returns the borrower’s employment details including the hire date, period of employment, and employer information along with the other details, which can be used to validate the borrower’s employment details that is stated in the loan application. The employment data for the past three years can be retrieved from the VOE service.

VOE has two modes of verifications: Instant, which is a synchronous process and Researched Verification (RV), which is an asynchronous process that takes up to two to three days to retrieve the data. The time taken for the RV mode is due to the manual verification in case of a 'No Hit' in the Instant VOE mode.

The VOE service also supports an integrated mode, the Waterfall that starts as an instant request and ends if there is a hit in Equifax database. Otherwise, in a No-Hit scenario, it automatically moves into the Researched Verification mode for an asynchronous manual processing.

Note: An estimated 60% – 70% of all the VOE requests need to go into the Researched Verification flow due to a No-Hit in Instant mode.

FinConnect supports the Verification of Employment service through the following providers:

• Equifax® The Work Number® VOE

Product code	Version	Supported Operations
EQF_VOE_SER	v3	Instant Submit Request; Researched Verification (RV) Submit Request; Status Query Request, ReVerify

CoreLogic Credco®

Product code	Version	Supported Operations
COR_LGC_VOE	v3	create, Reverification, update, getStream

Payroll Services

FinConnect supports the Payroll services through the following provider:

PointServ

Product code	Version	Supported Operations
PAY_VER_SER	v3	Get All Providers, Get Payroll Providers, Get Login Credentials, Initial Login Request, Get Payroll Data Link, Get Direct Deposit Info, Get Paystub Summary Data, Get W2 Summary Data, Get Paystub Document, Get W2 Document, Close Active Connection, MFA Login Request, MFA Select Option Request

PointServ’s proprietary technology directly sources all the financial documents required for a loan, eliminating the chances of any fraud. The PointServ’s proprietary connections provide the lenders access to full and complete borrower account information from all the top financial institutions in the USA and the UK. The reports include the actual PDF statements (paystubs and W2 forms) issued by the payroll providers as well as all the direct deposit account details.