How Mortgage Origination Software Is Innovating Real Estate Transactions
Over the past few years, the world of mortgage lending has undergone significant change due to technological innovation. Traditional methods of employment and income verification have historically been fraught with accusations of slowness, complexity, and expense — a trio of issues that can ultimately lead to unnecessary delays.
Thankfully, AutomatIQ™ Borrower Verification of Employment and Income (VOE/I) has emerged as a streamlined employment and income verification solution that can help eradicate these inefficiencies and streamline processes through enhanced accuracy and efficiency.
A New Paradigm in Mortgage Lending Verification
Gone are the days of sifting through piles of paperwork and manually validating each detail. With AutomatIQ Borrower VOE/I mortgage origination software, lenders can look forward to a fast, efficient, and streamlined verification process.
AutomatIQ Borrower VOE/I harnesses the power of advanced technology to seamlessly integrate with trusted sources such as Experian and Equifax. These integrations ensure that employment and income information is meticulously verified and continuously updated, providing lenders with the confidence and assurance they need to complete a loan.
The innovative technology underpinning this mortgage origination software solution also eliminates tedious manual tasks and reduces reliance on time-consuming manual verification processes, opening the door for lenders to focus their expertise on applications that require additional manual reviews. As a result, lenders can save precious time, enabling them to process more applications in less time while also delivering an unparalleled borrower experience.
This approach signifies a paradigm shift in the lending industry. By simplifying and automating the verification process, lenders can save time and reduce the risk of human error. Improvements in accuracy also eliminate potential headaches and delays, allowing lenders to provide borrowers with a seamless lending experience from start to finish.
Innovate With a Waterfall Workflow
The efficiency that AutomatIQ Borrower VOE/I provides stems from its unique waterfall workflow feature, which can be set up based on individual needs for optimization of price, speed, or coverage. This waterfall module enables lenders to prioritize and sequence their verification methods based on risk, optimizing time and resources for the most accurate verification results.
One of the key optimization features is the ability to put borrowers in the driver’s seat. With AutomatIQ, borrowers can accelerate the overall process with electronic self-verification, an option that can reduce costs by 30% or more. Further, our mortgage origination software solution allows for the seamless integration of appraisals, creating an automated, systematic process for lenders, which can significantly reduce the average time to close. By streamlining and simplifying the employment and income verification process, lenders can achieve a competitive advantage, begin closing more loans, and ultimately enjoy generating more income. Embrace this transformative approach to unlock a new range of possibilities, empower your business to scale, and lead the way into the future of lending.