Mortgage Cadence integrates with DataVerify
The Colorado-based mortgage tech company says the integration streamlines the application authentication process. The move also boosts the company’s data verification, fraud prevention and compliance assistance capabilities.
Lenders no longer have to contact the Internal Revenue Service (IRS) to access borrower 4506-T data, as this can now be requested via the ELC platform – enabling customers to complete the process up to 95% faster.
“Optimized workflows and increased automation are essential to reducing time and cost to close,” says Mortgage Cadence EVP and product management MD, Paul Wetzel. “This latest integration is yet another example of how we help lenders improve operating performance.”
ELC customers who currently use DataVerify’s single-source platform, Drive, can now benefit from additional workflow automation with the new 4506-T integration. The information is automatically updated in real-time within the Drive report.
This increased automation reduces the amount of detailed information that borrowers are required to provide and includes automatic Social Security Administration (SSA) verification.
The integration delivers convenience whilst also taking notice of ELC’s compliance regulation, according to DataVerify’s president, Brad Bogel.