CoreLogic has updated its AutomatIQ Borrower VOE/I borrower verification solution with new capabilities.
The solution now offers a combination of four different verification options, enabling lenders to streamline their operations by creating custom waterfall verification solutions to meet individual objectives around speed, coverage and cost savings.
Previously the solution offered two options – The Work Number and manual verification. But now lenders can leverage two additional options, Experian Verify, which offers instant access to income and employment information from Experian’s growing network of payroll and proprietary employer data, and Borrower Assisted Payroll, which allows consumers to input their payroll credentials on a vendor website allowing the vendor to quickly verify employment or income.
With the addition of Experian Verify and Borrower Assisted Payroll, lenders can choose different lending waterfall combinations to better serve their consumers and scale solutions effectively. This level of customization helps ensure that lenders pay for only what they need.
Additionally, duplicate orders within a 24-hour period are rejected, eliminating redundant verifications and unnecessary costs.
“By collaborating with CoreLogic to bring Experian Verify into AutomatIQ Borrower Verification, we can help streamline experiences for consumers while ensuring lenders can make data-driven decisions with confidence,” says John Tsefrikas, senior vice president and general manager, Experian Verification Solutions, in a release. “Through this Experian Verify integration, CoreLogic’s clients now have secure access to the latest advancements in technology and income and employment information available in real time. Additionally, to realize cost efficiencies, lenders are only charged per report rather than per employment record.”
Photo: Nathan Dumlao