Through an expanded integration, originators on Cloudvirga’s Horizon Platform and Horizon TPO can now access Informative Research’s verification of employment (VOE) and verification of income (VOI) data and analytics.
Verifying employment and income is frequently a stumbling block for lenders since not all electronic verification providers have access to the consumer data needed for a comprehensive VOE/VOI report. As a result, working with multiple providers can be useful but only if there is an automated and efficient process to do so.
The integration allows originators to create multiple configurable waterfalls with an unlimited number of VOE/VOI providers defined per waterfall within the Horizon Platform. If one provider is unable to provide a comprehensive verification report due to lack of data, it falls to the next provider on the list. This provides an efficient, cascading process that continues until the requisite information is delivered.
By creating a waterfall of providers, originators can ensure they’re receiving the most accurate and complete VOE/VOI package. Originators will receive an in-depth transaction report of which providers were able to fulfill their requests and the full VOE/VOI results can be delivered to the originator within seconds. The data within this package is then automatically pre-populated in the loan file and can be delivered to underwriting, significantly streamlining the application process.
This eliminates the need to request employment and income documentation from borrowers thereby saving time, reducing costs, and improving the overall experience for both the borrower and the originator.
“Verification of employment and income can be a time-consuming and often complex step in the origination process,” says Maria Moskver, CEO of Cloudvirga, in a release. “Originators often have to wait for borrowers to collect documents and submit pay stubs, W2s, etc., or rely on providers that often have a lower hit rate because they don’t have access to all the necessary data. Our new integration with Informative Research’s verification platform means that originators can ensure they’re getting the most complete and accurate data on a borrower’s employment and income in seconds, further accelerating their underwriting processes.”