Mortgage Industry Advisory Corp. (MIAC), a provider of financial analytics solutions, recently released the newest version of its due diligence software platform, VeriFi 3.0.
The new version provides users the flexibility to customize for specific review requirements regardless of loan asset type. Adjustments can be made during the review in real-time, allowing business users to respond to the demands specifically associated with the project, the firm says in a release.
VeriFi 3.0 has an automated data quality process which streamlines data entry validation. The platform has robust loan exception management with embedded residential compliance. Exceptions contain automated loan specific commentary which increases the overall efficiency and standardizes reporting. All exceptions, along with all associated data entries, are available in a central portal, allowing easy access for mitigation based on trailing documents.
The new version manages the reviewer network with built-in machine learning capabilities which compute the overall performance of each reviewer. Comprehensive project management tools come integrated – from loan sampling, scheduling, and email communications.
VeriFi 3.0 also has been developed with a global frame-of-mind, allowing projects to be customized for over 100 geographic locations around the world with access to translations for over 90 languages and dialects.
Joseph Furlong, managing director of due diligence at MIAC, adds that the new version “allows the industry to leverage technology to increase efficiencies by reducing turn-around times, increase accuracy, and delivery of a higher quality final product, all of which will result in lower costs overall.”
“The embedded intelligence, flexibility, and its targeting of specific due diligence processes is the key to the success of VeriFi 3.0,” Furlong adds.
