Fintech firm KeyStoneB2B has teamed up with DataVerify, a provider of mortgage risk assessment and fraud prevention systems, to simplify complex mortgage risk issues.
Using DataVerify’s unique fraud and data integrity analytics, KeyStoneB2B will be able to help its mortgage lender clients realize new operational efficiencies.
“DataVerify’s solutions automate data validation steps in the lending process, increasing efficiencies, performance and controls while reducing approval and processing time frames,” says James V. Luisi, chief information officer and chief technology officer for KeyStoneB2B, in a release. “With DataVerify, the mortgage lenders integrated in KeyStoneB2B get quick access to 1040 and W-2 data from the IRS to gain greater visibility into the credit-worthiness of borrowers. The result is faster, more confident decision-making for loan origination.”
A major factor in speeding the credit verification process is that DataVerify delivers structured data as opposed to just a PDF of the 4506-T and Social Security Award letter.
A PDF, or picture of IRS forms, requires manual entry and slows decision-making, while structured data empowers lending process automation.
Loan officers see immediate benefits with the reduction of manual data entry, minimizing redundant tasks and errors.
“The addition of DataVerify modernizes mortgage loan processing through automation,” says Morell Maison, sales, marketing and digital strategist for KeyStoneB2B. “Mortgage lenders and financial institutions save time, increase accuracy and manage costs.
“Another major benefit is that automated processes assist with more consistent underwriting decision-making,” Maison adds. “This new credit reporting feature complements our previously announced new title and appraisal products. KeyStoneB2B is continuously expanding our service offerings to improve mortgage lenders’ bottom line.”