Overview
The Adjust Selected Income feature will allow users with this permission to choose an income that was not recommended by IncomeXpert. The purpose of this feature is for companies to grant permission to certain users to deviate from the recommend values of IncomeXpert. These examples may include declining income that user feels is within acceptable tolerance, incomes that have less than the standard history, or income that may increase in the future, to name a few.
Setting and Clearing
When a new loan is created the Adjust Selected Income is defaulted to off. As a result the selected radio button on all incomes will match the recommended value by IncomeXpert. If a deviation is needed, the Adjust Selected Income box must be checked. This box can only be checked by a user with the appropriate permissions.
Once the Adjust Selected Income box is checked, it enables a deviation on all income types on the loan file. Adjust Selected Income does not need to be set on a per-income basis.
Note: If the Adjust Selected Income box is unchecked, all incomes will immediately return to the recommended value determined by IncomeXpert.
For more information about roles and permissions, refer to this article on setting Roles and Permissions for users.
Best Practice
The common practice with many clients is granting branch managers, processors, and underwriters with this permission. The sales team would not have the adjust selected income permission. This requires a user without this access to work with a higher credit authority user before going against the calculations that IncomeXpert offers.
Example
Enter in the data for the income type selected, for example schedule C.
Review the recommended income from IncomeXpert, as noted in blue.
If the users feels that an income other than IncomeXpert’s recommend number is appropriate for this loan, they can use Adjust Selected Income to make this deviation. First step is to turn on Adjust Selected Income. Scroll to the top of the current page and turn on Adjust Selected Income.
With the adjusted selected income feature the users can now choose a different income option.
When an income has been deviated from IncomeXpert’s recommend value, a decorator symbol is added to the income. This symbol allows users to at a glance see what incomes have been deviated, and which ones have not.
Additionally a decorator is created next to the Loan Number on the BORROWER page. This decorator indicates that one or more incomes on the loan file have been deviated.
