Verification of Other Income

More Resources on the URLA Support Page

This feature was introduced with Encompass 19.3. (View the release notes)

Use the Verification of Other Income (VOOI) to record other income sources for the borrower pair, which includes everything not related to employment or rental income, for example dividends and interest, capital gains, disability, royalties, trusts, social security, and retirement accounts. When you enter other income sources on the VOOI, the first three entries display on Section 1e on the 1003 URLA Part 2. If you add other income information on the 1003 URLA Part 2, the information is added to the VOOI. All VOOI records will print to the output form, provided the Does Not Apply checkbox is not selected for Section 1e on the 1003 URLA Part 2.

To Create a Verification of Other Income Record

  1. At the top of the Verification of Other Income list, click the New icon .

  2. In the section below the table, select an option from the Other Income is for list to indicate for whom the deposit information is being created: Borrower or Co-borrower.

  3. Select the checkbox to print the statement “See attached borrower’s authorization” on the applicant’s signature line on the output form.

  4. Complete the account holder information in the To: (Name & Address of Depository) section.

  5. Click the Address Book icon to add a depository from the Verification category of your business contacts. You can also type a name and then right-click to create a new contact in your business contacts.

  6. In the From section, select the Print user’s name checkbox to print the name of the user selected in the Verification Contact Setup setting. If no selection has been configured in the setting, the name of the logged-in user will print by default.

  7. Select the Print user’s job title checkbox to print the job title of the user selected in the Verification Contact Setup setting. If no selection has been configured in the setting, the name of the logged-in user will print by default

  8. In the Other Income Information section, select an Income Source from the list. If you select Other as the Income Source, type a description in the Other Description field. This option is primarily used to convert FNMA 3.2 other income options to the new Verification of Other Income structure.

  9. Enter the Monthly Income amount.

  10. Click the New icon to add additional entries as needed.