Verification services are third-party providers that verify customer-provided information applicable to loan approval. This information might include fraud reports, credit, income, assets, and employment.
The goal is to collect or verify that all the data supplied by the borrower aligns with data publicly available or from private parties like the borrower’s bank, employer, the IRS, etc.
Verification service providers may offer robust integrations into mortgage technology systems to easily facilitate their specific verification process.
For Mortgage Professionals
Lenders can be assured that they approve loans based on accurate data.
Systems integrate seamlessly for easy verification.
Automated verification systems may be available to reduce the need for customer back-and-forth or non-secure transfer of sensitive data.
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