Mortgage Cadence has added the DataVerify capabilities to its loan-origination platform to support data verification, fraud prevention, and compliance assistance.
Its enhanced tools support the application authentication process and improve borrower experiences via automated verification of information such as income and social security data.
The DataVerify solution offers on-platform access to 4506-T IRS transcript ordering and verification. Without this, a lender has to manually search the IRS website and manually collect data and complete 4506-T forms, which are requested by taxpayers for copiers of tax return information.
By integrating DataVerify, Mortgage Cadence can complete the process internally and at a quicker rate.
Underwriters will no longer need to ask detailed information from customers and can update their customer information automatically and in real-time.
Mortgage Cadence builds technology to help mid-market lenders improve their loan offering capabilities. Its solutions include loan production, regulatory compliance support, workflow optimisation, POS and integrated documents.
DataVerify president Brad Bogel said, “At DataVerify, our mission is to deliver flexible solutions tailored to meet the ever-changing needs of our customers.
“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.”
The RegTech company offers a single-source platform for data verification, fraud prevention, and compliance assistance. Its technology can authenticate a borrower and their information, verify information supplied in loan applications, assess the value of a property, and streamline loan reviews.
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