Argyle, which offers automated income and employment verifications, has launched a new integration that brings real-time income and employment verification to Byte LOS customers.
The new integration accelerates loan processing, enhances loan quality and embeds verification in the loan origination workflow, the company says in a release.
“We are thrilled to partner with Argyle to bring real-time income and employment verification to our platform,” says Mark Todd, executive vice president of sales and client services for Byte, in the release. “This integration aligns with our commitment to providing our clients with innovative technology solutions that enhance the borrower experience and streamline the loan origination process.”
The integration enables lenders using Byte to access Argyle’s real-time verification of income and employment (VOIE) services directly within the Byte platform. This ensures verification happens when and where it’s needed to improve loan quality and keep loans moving forward.
As per the release, the integration offers the following advantages for lenders:
- Accelerated loan processing: Argyle retrieves income and employment data, including supporting documents such as pay stubs and W-2s, directly from payroll providers and employers, automatically importing VOIE data into the loan file and reducing cycle times by 5-7 days per loan.
- Improved loan quality: As an approved service provider for Freddie Mac’s Loan Product Advisor asset and income modeler and an authorized report supplier for Fannie Mae’s Desktop Underwriter validation service, Argyle gives Byte customers access to immediate GSE assessment of eligibility for representation and warranty relief.
- Cost savings: Lenders using Argyle’s integration with Byte can realize up to 80% in verification cost savings over legacy providers, including the ability to re-verify income and employment at no additional cost.
- Better borrower experience: Argyle improves borrower satisfaction by eliminating the need for manual document collection, removing friction from the user experience.
“Our integration with Byte gives lenders access to GSE-approved, consumer-permissioned income and employment data and documents at a significantly lower price point than legacy solutions,” says John Hardesty, vice president of Argyle’s mortgage division. “Income and employment verifications in the Byte loan origination system gives lenders an edge in a competitive market, ensuring loans move forward efficiently with accurate, up-to-date income and employment data.”