DataVerify is a provider of risk mitigation, data validation, and workflow management solutions for the mortgage industry.
The functionality now provides additional data verification, fraud prevention and compliance assistance in a bid to streamline the application authentication process and the borrower experience by automating verification of borrower-provided information, including income and social security data.
The DataVerify integration provides on-platform access to 4506-T IRS transcript ordering and verification. Without this functionality, lenders must navigate to the IRS website, rekey borrower data, and manually complete the 4506-T form, which taxpayers use to request copies of their tax return information. With the new functionality, Mortgage Cadence clients execute the process without leaving the ELC platform — requesting borrower authorization via eSign and then, once consent is given, ordering 4506-T verification directly from the IRS.
The potential benefits to the borrower are equally significant. Instead of borrowers being asked to provide detailed information, and in some cases, additional data to verify this information, such process is now automated on the back end, helping to reduce time to close.
The newly released 4506-T DataVerify integration provides additional workflow automation to ELC customers who currently use DataVerify’s DRIVE platform – a single-source application that automates the manual underwriting process and that features audit trail capabilities. When lenders receive 4506-T results, the data is automatically updated in real-time within the DRIVE report.
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