OpenClose®, a leading fintech provider of mortgage software solutions for banks, credit unions and mortgage lenders, announced that it has integrated its LenderAssist™ loan origination system (LOS) with the DataVerify® DRIVE® platform to seamlessly validate borrower provided data.
Directly from within LenderAssist, users can initiate a comprehensive data verification analysis that compares borrower information across multiple data sources to validate their information. The lender receives a full DRIVE report and is alerted when variances occur during the origination process.
“Incorporating the DataVerify technology into our LOS helps protect our customers and offers time saving efficiencies,” said Vince Furey, CRO at OpenClose. “Our integration with DataVerify takes the validation of data many steps further than manually checking information on the borrower’s loan application in order to accurately assess and mitigate risk. The value of this new interface is clear-cut.”
Using the DRIVE® platform, OpenClose customers can now cross check key information on the borrower’s loan application such as phone numbers, addresses, NMLS licenses, both custom and industry watchlists, and more. DataVerify automatically combs and compares the results from many different databases to pinpoint the same risk factor in order to confirm or deny its existence.
The DataVerify DRIVE platform also checks the borrower’s background for bankruptcies, foreclosures, liens and judgments, real estate property owned, driver’s license validity, and other information that affects lender and investor risk assessment. In addition, DataVerify offers the ability to efficiently manage the Undisclosed Debt Monitoring product through DRIVE® in partnership with Factual Data®.
“We are excited to have a direct integration with OpenClose and are confident that DRIVE®’s added functionality will benefit users residing on their LenderAssist LOS,” said DataVerify President Brad Bogel. “The detailed reporting that DRIVE returns into LenderAssist will help our mutual customers identify potential fraud and streamline the process.”
The DRIVE® platform is proven to automate aspects of the underwriting process including many tasks that are often manually completed by an underwriter. DRIVE® is based on a set of rules that a mortgage fraud expert would typically follow in diagnosing a problem, and its technology is able to identify nuances. The platform can identify instances of possible fraud, data inaccuracies, compliance issues, and highlights risk that lenders could potentially be exposed to throughout the lending process. Lenders are also empowered with the ability to configure specific rules in the platform to better fit their business model and adjust as their needs change.
Founded in 1999, OpenClose is the preeminent fintech provider that developed the mortgage banking industry’s first SaaS-based lending automation software platform. Today, the company has expanded to become an award-winning, comprehensive loan origination software suite that slashes the cost to manufacture loans by up to 40 percent, reduces processing and underwriting cycle times by up to 50 percent, and requires minimal support to install and manage. OpenClose is the only vendor in the industry able to offer a true end-to-end, omni-channel, 100 percent browser-based, workflow-driven platform that effectively consolidates the digital POS, LOS, PPE and BI functions via a single provider, with easy access from any browser or mobile device. For more information, visit https://www.openclose.com/ or call (561) 655-6418.
DataVerify is a premier provider of risk mitigation, data validation, and workflow management solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow and decision management solutions. Their highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506-C, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level. For more information about DataVerify, please contact firstname.lastname@example.org or access the company’s website at https://www.dataverify.com/.