The loan auditing platform of Florida-based ARMCO, a leading provider of web-based audit technology for the financial services industry, will be integrated with Kroll Factual Data's verification services. Kroll is based in Colorado and is a leading provider of credit, risk mitigation, and third-party verification services for the mortgage industry.
Full communication between ACES Web Audit Technology, ARMCO's quality control software, and the Verify platform of Kroll Factual Data will be established with this integration. This will make Kroll Factual Data's re-verification services directly available to ARMCO customers who use the ACES system. Pre-populated loan order forms are sent directly to Kroll from ACES, then after completion they are uploaded back into the ACES loan file where they can be reviewed by an analyst. The result is a streamlined verification process that produces a single system of record, thus cutting down on processing time and expenses.
"The cost of compliance and the hours spent on compliance have gone up significantly in the past few years," said Avi Naider, chairman and chief executive officer for ARMCO. "ARMCO’s ACES platform eases this burden through automation of audit workflow, data capture and reporting. By partnering with Kroll Factual Data, ACES customers will now benefit from a best-in-class solution that further reduces processing times, as well as the cost of processing."
Verification of employment and income, tax return data, Social Security Number, and deposit are all Kroll Factual Data services included in the integration.
"Our outsourced verification services save customers time and money, allowing them to progress from manual to automated processing," said Rod Bazzani, president of Kroll Factual Data. "Working with ARMCO enables us to offer customers a one-stop, automated and integrated system of record for all of their loan auditing and re-verification needs."