Mortgage automation software provider Floify has launched Floify Verify, a native verification of income and employment service.
Powered by Argyle, Floify Verify streamlines the mortgage origination process by allowing lenders to verify income and employment at a cost-effective price point, without the hassle of managing additional third-party vendors, the company says in a release.
Floify Verify’s native functionality allows lenders to prioritize their business objectives, whether it’s accelerating loan processing or optimizing cost savings.
Lenders focused on speed can embed Floify Verify directly into the loan application process to reduce delays and expedite loan approval. Alternatively, lenders aiming to manage costs can configure Floify Verify to be initiated by loan teams later in the process, such as after a financial pre-screening, enabling them to balance efficiency, cost control and the borrower’s experience.
Reports generated by Floify Verify have the potential to receive representations and warranties relief on eligible loan components from both Fannie Mae and Freddie Mac. This is because Argyle, which powers Floify Verify, is an authorized report supplier to both Fannie Mae’s Desktop Underwriter (DU) validation service and Freddie Mac’s Loan Product Advisor (LPA) asset and income modeler (AIM).
“VOIE has been a pain point for many of our customers, with legacy verification methods achieving low success rates at a high price point,” says Sofia Rossato, president and general manager for Floify. “These methods are ill-suited to today’s workforce and too expensive at a time when origination costs have risen to untenable levels. In response, we’ve partnered with Argyle to offer an elegant and cost-effective way for lenders to verify income and employment in the Floify environment without the hassle of managing additional vendors.”
With Floify Verify, lenders can view borrower-permissioned records, such as pay stubs and W-2s, at 60% to 80% less cost than legacy providers and manual verification methods.
Additionally, the solution supports on-demand reverification—such as the 10-day pre-closing verification required for agency loans—at no additional cost.