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Lending, Open Banking

New Digital Verification of Income and Employment Solution

It’s no secret that the process for verifying income and employment is often plagued with frustrations. What should be simple is, instead, complicated. Here’s what usually happens. Underwriters and loan officers order an automated verification of income and employment. The chances of a successful response to that request? About 15-25%. That means about 75% of the time, lenders have to resort to manual methods: calling up employers and chasing paper. In other words, it’s a hassle from start to finish. And expectations of success are ridiculously low. 

That’s why Finicity is excited to announce our new Verification of Income and Employment (VOIE) solution. A truly digital experience, our solution delivers accurate, reliable, up-to-date information. And we successfully deliver that data at over 3 times the rate of current prevailing automated verifications. 

Our VOIE solution uses high value data making it the industry leader in real-time, relevant income and employment verification. It’s a simple 3-step process.  

1. Borrowers upload a pay stub and permission us to verify their income and employment.

2. We digitally extract a borrower’s pay statement data from their pay stub and then we cross-verify that key data with income transactions within their financial institutions. 

3. Lenders and underwriters get an easy-to-use report that tells them everything they need to know.  

Here are 5 ways this new solution makes lenders’ lives easier:

Cross-verification equals accuracy. Our patent-pending TXVerify™ technology uses two data sources – paystub data and bank account data – to verify and cross-verify income and employment data. Cross-verifying these two independent sources increases accuracy, confidence, and data quality. Everything lenders need to make the best underwriting decisions.  

3x more successful than current automated verifications. That means that 3 times more borrowers obtain a successful digital verification as compared to the largest solution currently available in the market. The result? Streamlined workflows that save lenders valuable time and money. 

High value data. This one’s simple. We deliver real-time, bank-validated data. We’re able to report income and recurring deposits, demonstrating income stream and employment status. Always current, always accurate.  

GSE support with the opportunity to receive Reps & Warranty relief. Lenders can rest easy knowing that they’re working with the best product. Our VOIE solution has been designed to meet the stringent requirements of the mortgage market and the technical requirements of the GSEs. In fact, Freddie Mac has now incorporated our VOIE solution into their AIM program

A convenient one-stop verification solution. Finicity’s suite of verification solutions is the only product in the verification market that delivers asset, income, and employment data in a single process. And because we have such a high success rate, the need for manual processes is drastically reduced. This makes it easier than ever for borrowers and lenders to adopt a truly digital verification process. With our digital solutions, stakeholders in the credit-decisioning ecosystem have the opportunity to further optimize their business, gain a competitive advantage, and open the door to new possibilities. No more phone calls, no more asking managers to confirm employment status. Just exceptional accuracy packaged in total convenience.  

Finicity’s new VOIE solution is available immediately for lenders, lending technology integrators, and resellers. Contact Finicity today to request a demo and learn how to integrate our VOIE solution into your platform. 

It’s time to expect more. More accuracy, more convenience, more success. You won’t be disappointed.