Key Takeaways:
– Verifications provider Argyle has integrated with Fannie Mae’s Desktop Underwriter (DU) program to offer automated income and employment verification reports.
– This integration allows mortgage lenders to use Argyle’s verification solution to obtain Day 1 Certainty and relief from representations and warranties on validated data.
– The real-time nature of Argyle’s verifications can help lenders reduce loan repurchases and have confidence in the data from the moment the report is run.
– Argyle covers 85% of the U.S. workforce and offers up to 80% lower verification costs compared to other providers.
– The integration improves the digital mortgage experience and automates income and employment verification, making the process more efficient for lenders and borrowers.
– Argyle’s ability to access income and employment documents directly from payroll providers and employer sources helps in the fight against fraud.
– By pulling data from the source, Argyle gives lenders a new perspective on income and employment that they have not had before.
– The integration with Fannie Mae’s DU will be available by the end of the month.
HousingWire:
Verifications provider Argyle announced its integration with Fannie Mae’s Desktop Underwriter (DU) program on Monday, becoming the first DU-authorized report supplier to offer automated income and employment verification reports based on consumer-permissioned, direct-source data.
The integration enables mortgage lenders to use Argyle’s income and employment verification solution to get Day 1 Certainty and relief from representations and warranties on validated data.
The real-time nature of the verifications could help lenders limit loan repurchases, said John Hardesty, general manager of mortgage at Argyle. “As soon as a borrower puts in their credentials, we have live data. From a buyback perspective, the lender can have confidence in the data from the second they run the report.”
Argyle’s coverage includes 85% of the U.S. workforce, and the company says it offers up to 80% lower verification costs than other data providers.
“At Fannie Mae, we continue to focus on improving the digital mortgage experience,” said Peter Skarnulis, Fannie Mae’s vice president of single-family digital management solutions. “This is another opportunity for lenders to automate income and employment data verification, which can make the mortgage process more efficient for both lenders and borrowers.”
Income and employment verification are critical parts of the mortgage loan process, especially as fraud continues to plague the industry. Argyle’s ability to go to the source of income and employment documents from payroll providers and employer sources gives lenders a huge boost in the fight against fraud, Hardesty said.
“From a fraud perspective, it’s easy to make a fake pay stub or other documents online — it’s one Google click away — so relying on consumers to provide this information is risky,” Hardesty said. “We’re pulling data from the source, and we can give lenders another view into income and employment that they’ve never had before.”
Argyle’s integration with Fannie Mae’s DU will be complete and available by the end of this month.
Source link
Property Chomp’s Take:
Hey there! Let’s talk about
Recently, verifications provider Argyle made a big announcement. They have integrated with Fannie Mae’s Desktop Underwriter (DU) program, making them the first DU-authorized report supplier to offer automated income and employment verification reports based on consumer-permissioned, direct-source data.
This integration is a game-changer for mortgage lenders. By using Argyle’s income and employment verification solution, lenders can now obtain Day 1 Certainty and relief from representations and warranties on validated data. This real-time verification feature could potentially help lenders limit loan repurchases, which is great news for them.
John Hardesty, the general manager of mortgage at Argyle, highlighted the significance of this development. He emphasized that as soon as a borrower enters their credentials, the lender has access to live data. This means that lenders can have confidence in the data from the moment they run the report, reducing the risk of buybacks.
But that’s not all. Argyle’s coverage extends to 85% of the U.S. workforce, and they claim to offer up to 80% lower verification costs compared to other data providers. That’s a win-win situation for lenders and borrowers alike.
Peter Skarnulis, Fannie Mae’s vice president of single-family digital management solutions, expressed his excitement about this integration, stating that it further improves the digital mortgage experience. Automating income and employment data verification makes the mortgage process more efficient for everyone involved.
Now, let’s talk about the elephant in the room: fraud. Unfortunately, the mortgage industry has been plagued by fraud in recent times. That’s where Argyle’s strength lies. By going directly to the source of income and employment documents from payroll providers and employer sources, Argyle provides lenders with a powerful tool in the fight against fraud. Hardesty pointed out that it’s easy for fraudsters to create fake pay stubs and other documents online, just a Google search away. Relying on consumers to provide this information is risky. However, by pulling data from the source, Argyle offers lenders a deeper insight into income and employment that they have never had before.
The integration between Argyle and Fannie Mae’s DU program is set to be completed and available by the end of this month. Exciting times ahead for mortgage lenders and borrowers!
