Denver-based Mortgage Cadence has added DataVerify capabilities to its Enterprise Lending Center (ELC) loan-origination platform. The update will provide additional data verification, fraud prevention, and compliance assistance to lenders.
The company said that the enhanced functionality streamlines the application authentication process and improves 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, re-key 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 can execute the process without leaving the ELC platform. Mortgage Cadence added that customers using this new integration report were completing this process up to 95% faster.
“At DataVerify, our mission is to deliver flexible solutions tailored to meet the ever-changing needs of our customers,” said Brad Bogel, President, DataVerify. “Our integration with Mortgage Cadence furthers this mission by providing convenient access to secure verification processes that address industry compliance regulations all within the lender’s origination platform, Enterprise Lending Center.”
The integration's 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, the process is now automated on the back end, helping to reduce time to close, Mortgage Cadence said.
“Optimized workflows and increased automation are essential to reducing time and cost to close. This latest integration between our Enterprise Lending Center and DataVerify is yet another example of how we help lenders improve operating performance,” said Paul Wetzel, EVP and Managing Director of Product Management at Mortgage Cadence.
DataVerify is a provider of risk mitigation, data validation, and workflow management solutions for the mortgage industry. It harnesses advanced analytics and technology to create automated and configurable workflow and decision management solutions.