DENVER–(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.
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.