ComplianceEase, a provider of automated compliance solutions to the financial services industry, announced earlier this week that it launched a new web solution, VOE Xpress.
VOE Xpress is a web-based solution that provides independent authentication of borrower employment and income, the company said in a release.
With the help of VOE Xpress, lenders can verify a borrower’s employment and income history to demonstrate the borrower’s ability to repay as required by the Consumer Financial Protection Bureau’s Qualified Mortgagerule and by the government sponsored enterprises and investors.
VOE Xpress also validates the borrower’s employment and income information via search engines, employment verification databases, and verbal and/or written confirmation from the borrower’s employer.
VOE Xpress then provides complete verification reports on a borrower’s name, employment history, employment dates, employment status, job title, and detailed compensation date such as wages, overtime, commissions, and bonuses if provided by the employer.
In some cases, salary history and projected pay increases could also be included, the company said.
According to ComplianceEase's senior vice president of solution strategy, Al Ogrodski, documenting evidence of compliance using verification of employment is a “foundational best practice” for all lenders.
“With VOE Xpress, our clients can conveniently place VOE orders and either download the results from our site or receive the results within their production platform if they are integrated with us—enhancing their workflow and improving efficiency,” said Ogrodski.
“Similarly, outsourcing the VOE functions to an industry leading compliance expert can further reduce costs and mitigate regulatory and credit risk,” Ogrodski added.