As the industry continues to digitize the mortgage process it is essential for lenders to invest in fraud prevention and trustworthy verification methods. Advanced Data, the only vendor fully focused on the verifications space, conducted a five-year study and found over 30% of Verifications of Employment were returned with inaccurate or missing data that the lender is responsible for correcting.

In effort to eliminate common verification challenges, Advanced Data provides a number of verifications, income tax, property, fraud, compliance and quality control solutions for mortgage professionals. 

“With a focus on validation services, all technology that we develop is designed specifically to optimize verifications fulfillment, and we are often first to market with innovations — such as our proprietary eVoE tool, the first of its kind in the industry,” said Allen Johnson, CEO at Advanced Data.

Advanced Data’s eVoE enables employers to use a proprietary process to securely complete a 1005 form electronically with intelligence to ensure an accurate and reliable verification. Users reported significantly shorter turnaround times, reduced costs and increased accuracy.

These Verification Solutions are a first for the mortgage industry with precise timing for lenders focused on digital mortgages. Advanced Data developed their eVoE portal to generate the following benefits for clients:

  • Lenders are not exposed to the risks inherent in transmitting personal financial data through email or fax.
  • Lenders are able to complete more VOEs because the forms are returned without errors or missing required data.
  • The technology is configured so that VOEs cannot be returned to the lender until they are 100% complete.
  • The possibility of illegible handwriting is eliminated.
  • Lenders will never have to go back to the employer for more information or to correct a mistake.

“This is a true game-changer in that lenders have never before been able to solidly rely on a vendor to 100% fulfill their verifications,” Allen Johnson said.

With almost 10 years of verification experience, Advanced Data’s fulfillment team maintains an excellent service level while keeping pace with changes in available data stores, technology and regulatory concerns. As a result, Advanced Data can provide one or more resources that have direct experience with rare or esoteric verification types that lenders traditionally face.

Full dedication to validation services increases the depth of the solutions that Advanced Data offers, including training for loan officers and customers to add momentum to the adoption of new market practices such as Verification of Assets. While most validation service providers’ offerings typically stop at the fulfillment level, Advanced Data goes several steps further by assisting lenders with additional training on new digital practices.

“When a processor sends us an order, they know it will be completed on time… We have never missed a closing in 10 years,” Allen Johnson said. “For almost a decade, Advanced Data has earned a reputation for excellent service, configurable, proprietary technology and an experienced, well-trained staff.” 

PRODUCT: Digital Verifications

SNAPSHOT: AdvancedData’s proprietary eVoE tool, combined with strategic partnerships with data and system providers, offers lenders a complete solution for verifications.