Integration with the DataVerify DRIVE platform helps ensure data integrity and improves the efficiency of the authoring process
WEST PALM BEACH, Fla., June 14, 2022 (SEND2PRESS NEWSWIRE) — OpenClose®a leading provider of fintech software solutions for banks, credit unions and mortgage lenders, announced that it has integrated its LenderAssist™ Loan Mounting System (LOS) with the DataVerify® DRIVE® platform to transparently validate the data provided by the borrower.
Directly from 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 discrepancies occur during the origination process.
“Integrating DataVerify technology into our LOS helps protect our customers and saves time,” said Vince Furey, CRO at OpenClose. “Our integration with DataVerify takes data validation well beyond manually verifying borrower loan application information to accurately assess and mitigate risk. The interest of this new interface is undeniable.
Using the DRIVE® platform, OpenClose customers can now cross-check key borrower loan application information such as phone numbers, addresses, NMLS licenses, personalized and sectoral monitoring, etc. DataVerify automatically combs and compares results from many different databases to identify the same risk factor to confirm or refute its existence.
The DataVerify DRIVE platform also checks the borrower’s background for bankruptcies, foreclosures, liens and judgments, real estate held, driver’s license validity, and other information that affects risk assessment of the lender and the investor. Additionally, DataVerify offers the ability to efficiently manage the Undisclosed Debt Monitoring product through DRIVE® in partnership with Factual Data®.
“We are excited to have direct integration with OpenClose and are confident that the added functionality of DRIVE® will benefit users residing on their LenderAssist LOS,” said Brad Bogel, president of DataVerify. “The detailed reports that DRIVE returns in LenderAssist will help our joint customers identify potential fraud and streamline the process.”
The DRIVE® platform has been proven to automate certain aspects of the underwriting process, including many tasks that are often done manually by an underwriter. DRIVE® is based on a set of rules that a mortgage fraud expert would typically follow to diagnose a problem, and its technology is able to identify the nuances. The platform can identify instances of potential fraud, data inaccuracies, compliance issues and highlights the risks that lenders could potentially be exposed to throughout the lending process. Lenders also have the ability to configure specific rules within the platform to better suit their business model and adapt to their changing needs.
About OpenClose:
Founded in 1999, OpenClose is the leading fintech provider that developed the mortgage banking industry’s first SaaS-based loan automation software platform. Today, the company has grown into a comprehensive, award-winning loan origination software suite that cuts loan manufacturing cost by up to 40%, cuts processing and underwriting cycle times by up to 50 % and requires minimal assistance to install and maintain. OpenClose is the only vendor in the industry capable of delivering a true end-to-end, omnichannel, 100% browser-based, workflow-focused platform that effectively consolidates digital POS, LOS , PPE and BI from a single supplier. , with easy access from any browser or mobile device. For more information, visit https://www.openclose.com/ or dial (561) 655-6418.
About DataVerify:
DataVerify is a leading provider of risk mitigation, data validation and workflow management solutions for the mortgage industry. DataVerify leverages advanced analytics and technology to create automated and configurable workflow and decision management solutions. Their highly responsive platform enables lenders to make accurate and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft and risk related to goods and applications. Designed for ultimate flexibility, the DataVerify platform (which integrates 4506-C, SSA, and employment and income verification) allows lenders to manage risk based on their institution’s tolerance level. For more information about DataVerify, please contact info@dataverify.com or access the company’s website at https://www.dataverify.com/.
Social: @OpenClose—LOS #MortgageLOS #ReImagineMortgageTechnology #LenderAssist #DataVerify #DrivePlatform
NEWS SOURCE: Open close
This press release has been issued on behalf of the source of the information (OpenClose) which is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 82538 APDF-R8.6
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