Where a Lender has the Payroll Income Verification widget, Loanapp can send the declared PAYG income details of your applicant/s to be checked and matched against registered payroll data. The service only takes a few seconds.
Where a match is found, you are able to confirm the match in the Loanapp workflow - and this means you no longer need to provide any further evidence to support applicant PAYG Income - no supporting docs required 🤩
Where is the Payroll Verification widget?
The Payroll Verification Widget is found on the Financial Position page of Loanapp, just above the Income section:
How do I trigger the service?
Generally, the service will not be able to be triggered until you have added specific detail, or completed some of the other required services. Typical data/services that must be complete before you can use the service are:
digital consent must be completed
digital VOI must be completed
Please refer to your specific Lenders' articles to understand how their service is configured.
Automatic Trigger
Where the Lender has configured the service to be 'required', the service will automatically trigger, when you have completed the required services/data.
Request the Service
Where your Lender does not require the service to be run (instead it is an optional service for you to use), you will be able to 'request' the service. To do this, open the digital widget and click "Request":
The service will only take a few seconds to run (whether automatically or manually triggered).
What is returned by the Service?
When you get a successful match, the service will return details of the applicant's income, as recorded by their payroll service. It's a completely trustworthy verification from the source of truth. 🤩
When the service has run, it will have a "Completed" status:
Click on the ⌄ to expand the widget. Where you have had a successful match, the widget will tell you that a result has been "Provided":
If you click on the "Details" you will get further summary detail of the verification:
There is also a report of the service outcome returned. If you click on the download button, you can review the report:
The report will include a comprehensive breakdown of your applicant's income, as recorded by their Payroll provider eg:
How to use this data in your Loanapp
The returned data is not only populated into the Verification widget, but also into the Income section, to be reconciled against your applicant's employment record.
You will note that a new section will have been added to the employment called "digital income to reconcile":
1. tells you that the Digital Income service is complete
2. is the new "Digital Income to reconcile" (from your service outcome)
3. is the declared employment details that you had previously entered
🤩The Loanapp functionality allows you to match your declared employment details with those that have come back from the Digital service.
If you click on the "Match or add" dropdown, you will have 3 options:
Match the returned data with your declared data
Add the returned data as a NEW item in your income section
Remove (don't accept) the returned data
Match the returned data with your declared data
Where you have got a good match for your declared income, you can simply add the returned data to your application and your applicant's income will be deemed verified.
Select the returned record, and click OK.
This will popup the Employment record with the new detail inserted.
You will note:
the "Income used in application" will now say "Digital" and
your returned data is auto-populated into your record, with the note "Used in application". This means this data is now being used in serviceability and other processes.
If you click DONE, the employment modal will close and you will have "Matched" against your employment record.
🤩You can consider that income employment is now confirmed - you will not need to provide any further evidence.
Add Digital Income to Application
This option will ADD digital income results as a NEW employment income record. ie it will not match, it will add.
eg in the following example, I have had a record from Trend Pty Ltd returned as confirmed:
And I select Add Digital Income to application:
This then opens the employment modal - but a NEW record:
If I add all the detail, and select DONE, I will have this Employment Income as a NEW record:
⚠️You should only use Add Digital Income where new income has been returned that you hadn't already added to your application.
Remove (Supporting Documents Required)
Where you select this option, you are choosing to ignore the digitally extracted data (perhaps it is not what you expected, and you can justify different results). If you select this option, the digital results will be removed from your application record.
Where you select this option, and click OK, a popup will appear, where you can add a reason for rejecting the digital income. You can add your comments, then click "Remove":
When the window closes, you will see that the returned data is not reconciled; and has been "removed" from your data record:
