The road to fully digitalized loan process sometimes has unexpected speedbumps. One area that trips up loan officers is the seemingly simple Verification of Income/Employment (VOI/VOE) process.
It’s simple in the sense that loan officers simply enter an applicant’s employer name to verify employment and income. But the devil is always in the details. Oftentimes the name of the paying entity differs from that of the employer, unbeknownst even to the applicant in question. There was no mechanism for a consumer to self-remedy the discrepancy. Then imagine a hapless loan officer wasting valuable time entering a variation of names only to get no hit.
Enter Roostify’s enhanced Equifax integration.
This integration through Equifax’s The Work Number (TWN) Instant enables loan officers to generate a 2-year employment history of an applicant, whose SSN had been previously prompted and securely entered. And they can do it with the press of a button, without leaving Roostify.
Sounds simple, again. But the benefits run deeper than meets the eye.
1. Higher processing efficiency and data quality
Loan officers will no longer waste time guessing and second guessing the correct employer name(s) to launch verification process. A successful TWN match through SSN will generate all employers and corresponding income history in the Instant database, past and present. This improvement eliminates not only human errors but also inadvertent omissions by consumers and loan officers alike. What results is a more complete and accurate set of data, continuing to ensure Day 1 Certainty coverage.
Since this capability is now available right from the Roostify environment, the loan officer also saves time they might have spent switching between systems to get their information. They can move the loan forward faster with everything they need at their fingertips.
2. Higher loan volume per loan officer
The new SSN matching process removes a critical dependency on consumers to provide the exact employer name to match what’s in the database. Loan officers will be able to review and approve more applications with time saved. Loan volume throughput can thus flow faster due to higher data matching and subsequently data completion rate.
3. Lower cost per loan serviced
Instead of paying per report per employer, lenders pay once for all income and employer history in a single report per SSN. There is no charge in case an Instant report cannot be generated (“No Hit”). This will stabilize the cost base so that consumers with high employment turnovers do not negatively impact the cost to verify.
Roostify is here to smooth out your loan digitization journey. Get in touch to learn more about our partnership with Equifax.