AMP Loanapp includes digital employment income services to make it easy for you and your applicants to verify employment income in your submissions.
The aim is to have you submit applications with employment income already verified - allowing for immediate auto-acceptance of this data.
There are two different services - one or the other will succeed in verifying your applicant income.
You are able to 'match' the verified data against your declared records. Only where you do not successfully match your income will you need to provide supporting documents when you submit.
This article gives you a summary of the services and how/when to use them.
Where are the Employment Income verification services in Loanapp?
The Employment Income Verification services in Loanapp are found on the Financial Position page in Loanapp:
There are two services:
Income digitally verified via payroll - is a service that checks for employment/ income records for your applicants against Payroll clearing services
Income digitally verified via uploaded documents - is a service that OCRs uploaded income documents like payslips and tax returns
Is there a dependency to unlock these services?
Yes. Your applicants must have completed the Digital Consent and the Digital VOI in order for these services to be enabled.
Which service do I use?
The purpose of these services is to verify your applicant's employment income in the Loanapp workflow - so that approvals will be as fast as possible.
It is only if you cannot verify income via these services, that you will need to provide further evidence in supporting documents.
There is a configured order to using these services:
The Payroll service is automatically called. If successful, this data is these used in Loanapp Income verification
Only when payroll service doesn't get a successful result, will the OCR service be able to be used.
Income Digitally Verified via payroll
✅ This will automatically be sent as soon as you have completed the Digital Consent and Digital VOI services. If you get a successful match - then you most likely will not need to use the second service.
When you get a successful match, the results will be auto-populated onto screen for you to then reconcile against the Employment Income details you had entered for your applicant/s.
You can review the full results by opening the widget and clicking details:
The service returns a PDF report as well, which can be downloaded.
You will then have the opportunity to Match and Reconcile the digital Income against your declared employment income.
For full detail on how to use this service, please click here.
Income digitally verified via uploaded documents
The first Payroll service will not get a successful match for all applicants. Where you do not get a successful match, you will get an error result:
If you open the widget and click detail, it will tell you that it did not find an employment record:
This will mean you can now try the second service - upload documents to be OCR'd and return the results.
Open the Income digitally verified via uploaded documents widget, and click request. This will allow you to upload:
for PAYG: 2 consecutive payslips within 61 days
for self-employed: most recent individual tax return and ATO notice of assessment
The service will take a few minutes to extract the data and return it to Loanapp. When it is returned, it will populate onto screen like the other service, and you can then match it against your declared income:
For full detail on how to use this service, please click here.
Digital or Declared Income?
When you 'match' an income, you will note a Digital/Declared toggle in the Employment Income modal.
Once you have got some digital verification of your applicant/s income; and you have 'matched' the income - this toggle will automatically switch to "digital":
This will mean the Digital version will be used in Serviceability and Assessment calculations.
Can I elect to ignore the digital and use declared?
Yes. If you are not happy that the digital verifications properly cover all the income for your applicant/s, you can elect to use "Declared" in your application. If you select declared, you will need to add a reason:
And you will be required to upload supporting documents when you submit the application.