Mortgage Cadence Adds Additional DataVerify Capabilities to Enterprise Lending Center
August 06 2019 - 9:59AM
Business Wire
Mortgage Cadence, an Accenture (NYSE: ACN) company, has added
additional DataVerify capabilities to its Enterprise Lending Center
(ELC) loan-origination platform, providing additional data
verification, fraud prevention and compliance assistance.
The enhanced functionality streamlines the application
authentication process and improves the borrower experience by
automating verification of borrower-provided information, including
income and social security data.
The DataVerify integration provides on-platform access to 4506-T
IRS transcript ordering and verification. Without this
functionality, lenders must navigate to the IRS website, rekey
borrower data, and manually complete the 4506-T form, which
taxpayers use to request copies of their tax return information.
With the new functionality, Mortgage Cadence clients execute the
process without leaving the ELC platform — requesting borrower
authorization via eSign and then, once consent is given, ordering
4506-T verification directly from the IRS. Customers using this new
integration report they are completing this process up to 95%
faster.
The potential benefits to the borrower are equally significant.
Instead of borrowers being asked to provide detailed information,
and in some cases, additional data to verify this information, such
process is now automated on the back end, helping to reduce time to
close.
The newly released 4506-T DataVerify integration provides
additional workflow automation to ELC customers who currently use
DataVerify’s DRIVE® platform — a single-source application that
automates the manual underwriting process and that features audit
trail capabilities. When lenders receive 4506-T results, the data
is automatically updated in real-time within the DRIVE® report,
resulting in an enhanced process that helps to decrease cost to
close by automating what had previously been done manually.
Another element of the enhanced DataVerify integration is Social
Security Administration (SSA) verification. When the lender
receives the SSA document, the integration automatically triggers a
system check to confirm if the data is accurate, saving time by
eliminating off-platform navigation.
“At DataVerify, our mission is to deliver flexible solutions
tailored to meet the ever-changing needs of our customers,” said
Brad Bogel, DataVerify’s president. “Our integration with Mortgage
Cadence furthers this mission by providing convenient access to
secure verification processes that address industry compliance
regulations all within the lender’s origination platform,
Enterprise Lending Center.”
Paul Wetzel, EVP and managing director of product management at
Mortgage Cadence, said, “Optimized workflows and increased
automation are essential to reducing time and cost to close. This
latest integration between our Enterprise Lending Center and
DataVerify is yet another example of how we help lenders improve
operating performance.”
About Mortgage Cadence
Since 1999, Mortgage Cadence has been providing the best people,
process and technology for enterprise and mid-market lenders that
desire to deliver an exceptional borrower experience. With over 17
million loans processed from point-of-sale through post-closing,
Mortgage Cadence offers reliable software and dedicated people,
supporting lenders every step of the way.
About DataVerify
DataVerify is the premier provider of risk mitigation, data
validation, and workflow management solutions for the mortgage
industry. DataVerify harnesses advanced analytics and technology to
create automated and configurable workflow and decision management
solutions. Our highly responsive platform empowers lenders to make
precise and consistent business decisions through an engine that
identifies and measures hidden threats such as data integrity
errors and misrepresentations, identity theft, and property and
application risk. Engineered to offer optimal flexibility, the
DataVerify platform (which incorporates 4506-T, SSA, and employment
and income verification) allows lenders to manage risks according
to their institution’s tolerance level.
For more information about DataVerify, please call 866-895-3282
ext. 5 or access the company's website at www.dataverify.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005003/en/
Pamela Herrmann Mortgage Cadence +1 720.480.7655
pamela.a.herrmann@mortgagecadence.com
Kayla Freeman DataVerify +1 636.681.9527
kayla.freeman@dataverify.com
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