Overview
Secured employment and income verification
It’s time to remove the bottlenecks and human error associated with essential mortgage origination processes like employment and income verification.
Eliminate disruptions and contract lengthy processes with our AutomatIQ Borrower Verification of Employment and Income (VOE/I) solution that reimagines the rigid administration requirements of loan verification and conveniently allows for frictionless integration with existing mortgage origination software.
Automatically modernize mortgage lending
Gone are the days of relying on borrowers to submit pay stubs or individually contacting employers for verification. Now, seamless integrations with credit bureaus and trusted sources deliver quick access to reliable data.
Secure relationships between borrowers and lenders
Confidentiality and security are our priority. Our robust security measures protect sensitive information, ensuring the data you pull is reliable and compliant with data privacy and industry regulations.
Extending coverage beyond traditional barriers
The modern world accommodates many types of work, so why shouldn’t your verification tools? Our VOE/I solution extracts information from employer databases regardless of a worker’s location.
Automatically modernize mortgage lending
Gone are the days of relying on borrowers to submit pay stubs or individually contacting employers for verification. Now, seamless integrations with credit bureaus and trusted sources deliver quick access to reliable data.
Secure relationships between borrowers and lenders
Confidentiality and security are our priority. Our robust security measures protect sensitive information, ensuring the data you pull is reliable and compliant with data privacy and industry regulations.
Extending coverage beyond traditional barriers
The modern world accommodates many types of work, so why shouldn’t your verification tools? Our VOE/I solution extracts information from employer databases regardless of a worker’s location.
Fewer touchpoints = more value
Adapt your workflow and costs to your needs. In some borrower’s circumstances and risk profile, our solution can route verifications automatically to a path for your required touchpoints. Only pay for the coverage you need.
Features
Customization across the verification workflow
Just as each borrower is unique, so is the VOE/I process. Our waterfall workflow allows you to select from multiple borrower verification methods to reliably secure every mortgage application.
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Active involvement leads to commitment
One of the most impactful innovations in mortgage is the ability for borrowers to link directly to their payroll credentials and bank statements. This shift in agency gets borrowers invested in the lending process early, leading to a streamlined approach.
Connect to trusted sources
Our VOE/I solution connects to Experian Verify™ and The Work Number® (TWN) to provide reliable verification. Both databases are approved by the GSEs, offering an added level of protection and freedom from reps and warrants.
Sometimes you need a personal touch
Remote jobs, self-employment, and gig work are now commonplace and manual review is sometimes necessary. Our experts conduct thorough checks across 40+ third-party verification services and results are integrated into your mortgage origination software.
FAQ
What is the turnaround time for verification with AutomatIQ Borrower VOE/I?
Turnaround time may vary based on your selected waterfall, but we strive to provide rapid results. AutomatIQ Borrower VOE/I is designed to be significantly faster and cost-efficient than traditional manual verifications.
What types of employment and income can AutomatIQ Borrower VOE/I verify?
AutomatIQ Borrower VOE/I can verify various types of employment and income, including W2, 1099, self-employment, and other non-traditional income sources. This solution can also be used for remote or work-from-home employees since it is designed to extract employment and income information from employer databases, regardless of the employee’s location.
What happens if a borrower's employer does not participate in the employer databases AutomatIQ Borrower VOE/I uses?
If a borrower’s employer does not participate in the borrower-assisted verification databases we use, AutomatIQ Borrower VOE/I has a broad network of alternate data sources, including manual, thus ensuring we still provide a comprehensive and accurate employment and income verification.
How does AutomatIQ Borrower VOE/I ensure data accuracy and security?
AutomatIQ Borrower VOE/I prioritizes data accuracy and security. Sensitive information is protected with robust security measures that adhere to industry-standard data encryption and access security protocols. Confidential information is protected at each stage of the verification process to ensure data privacy.
Is it possible to revisit a past verification?
AutomatIQ Borrower VOE/I keeps a secure record of all verification processes, allowing users to revisit past verifications as needed. Our solution is designed with audit and compliance purposes in mind and automates the record-keeping process, providing transparent, comprehensive, and trackable audit trails.
How frequently is the data in AutomatIQ Borrower VOE/I updated?
AutomatIQ Borrower VOE/I data is updated regularly, ensuring that you have access to the most reliable and current information. The frequency of updates can vary depending on the data source.
