Employment, income solution will expediate borrower verification
In the battle of mortgage tech and software providers to speed up the origination process, CoreLogic has announced an enhanced borrower verification solution.
The enhanced Verification of Employment and Income solution (VOI/E) uses a three-step ‘waterfall’ process to expediate the process:
- Step One: Instant verification via a direct integration to The Work Number (TWN);
- Step Two: Automated verification leveraging dozens of third-party data sources;
- Step Three: Manual verification by a team of dedicated CoreLogic verification experts
It also offers an easy to use interface with real-time tracking and detailed status labels to better understand where each submission stands.
“We are excited to announce this enhanced Verification of Employment and Income product," said Jay Kingsley, executive, CoreLogic Credit and Borrower Solutions. “No matter how lenders currently verify applicant employment and income, we believe this product will help them do it more efficiently.”
The solution is part of the firm’s AutomatIQ Borrower digital mortage solution, launched last year, which enables lenders to process loans faster by digitizing, automating and streamlining borrower analysis and verification.
