Self-Employed Test Case
Objective
This test validates a self-employed investment property HELOC. This test ensures:
- The application flows successfully through POS
- Rate and payment displayed in POS match Encompass values
- Income, property, and borrower data are mapped correctly into Encompass
- Required documents are generated and synced correctly
Test Scenario Summary
| Field | Value |
|---|---|
| Borrower Type | Self-Employed |
| Property Type | Single Family |
| Loan Purpose | Investment |
| Co-Borrower | No |
Step-by-Step Test Instructions
1. Property & Loan Details
| Field | Value |
|---|---|
| Property Type | Single Family |
Click Next
| Field | Value |
|---|---|
| Loan Purpose | Investment |
Click Next
2. Borrower Information
Enter the following:
| Field | Value |
|---|---|
| First Name | Andy |
| Last Name | America |
| Unique email (use + addressing if needed) | |
| Phone Number | (000) 000-0000 |
Note: Duplicate emails are not allowed
Click Next
3. HELOC Property Address
| Field | Value |
|---|---|
| Address | 4556 Eliot St, Denver, CO 80211, EUA |
| Is this address on your ID, paystub, or taxes? | Yes |
Click Next
4. Property Status
| Question | Answer |
|---|---|
| Listed for sale in last 6 months | No |
Click Next
| Question | Answer |
|---|---|
| Purchased or refinanced in last 6 months | No |
Click Next
5. Credit & Income (Soft Credit Check)
| Field | Value |
|---|---|
| SSN | 000-00-0000 |
| Date of Birth | 10/26/1998 |
| Password | See requirements below |
| Employment Type | Self-Employed |
| Total Annual Income | $500,000 |
| Rate Discount Opportunity | Yes |
Password Requirements:
- Minimum 8 characters
- At least 1 uppercase letter
- At least 1 special character (e.g., ! @ # $ %)
Click Next
6. Mortgages & Liens on HELOC Property
| Field | Value |
|---|---|
| Select Existing Lender | Rocket Mortgage |
| Taxes Included in Payment | Yes |
| Monthly HOA Fees | $1,000 |
| Estimated Property Value | $1,000,000 |
Click Next
Pre-Qualification Exit Points
Borrowers can exit at many points:
- State Not Available: Property in unlicensed state → Can request Loan Officer contact
- Property Listed for Sale: Listed in last 6 months → Must wait until delisted
- Recent Purchase Without Seasoning: Non-primary residence purchased < 6 months ago → Must wait
- Credit Event Declared: Recent bankruptcy/foreclosure stated → Doesn't qualify yet
- Credit Score Too Low: Below minimum (typically 640) → Most common denial
- Credit Counseling Enrollment: Enrolled in debt management → Must complete program first
- Recent Bankruptcy: Within 4 years → Must wait until 4 years pass
- Recent Foreclosure: On credit report → Must wait 4-7 years
- Too Many Liens: 3+ liens to pay off → Can't proceed
- DTI Too High: Over 50% and can't reduce → Must increase income or reduce debts
- Final Validation Failure: Offer rules failed → Various reasons