Addition of Experian Verify™ and Borrower Assisted Verification creates comprehensive verification solution with customization options for lenders to choose the order of their waterfall process
IRVINE, Calif., November 2, 2023 — CoreLogic®, a leader in global property information, analytics and data-enabled solutions, has announced enhancements to its AutomatIQ Borrower Verification of Employment and Income (VOE/I) to offer lenders more flexibility in employment and income verification*. With a combination of four different verification options, lenders can streamline operations by creating custom waterfall verification solutions to meet individual objectives around speed, coverage and cost savings.
In addition to the existing verification options offered by CoreLogic—The Work Number and manual verification—lenders can now leverage two additional options in AutomatIQ Borrower VOE/I:
- Experian Verify™: Instant access to income and employment information from Experian’s growing network of payroll and proprietary employer data. The solution supports Day 1 Certainty ® from Fannie Mae and Loan Product Advisor® asset and income modeler (AIM) from Freddie Mac.
- Borrower Assisted Payroll: The consumer can input their payroll credentials on a vendor website allowing the vendor to quickly verify employment or income.
With the addition of Experian Verify and Borrower Assisted Payroll, lenders can choose different lending waterfall combinations to better serve their consumers and scale solutions effectively. This level of customization helps ensure that lenders pay for only what they need. Additionally, duplicate orders within a 24-hour period are rejected, eliminating redundant verifications and unnecessary costs.
“By collaborating with CoreLogic to bring Experian Verify into AutomatIQ Borrower Verification, we can help streamline experiences for consumers while ensuring lenders can make data-driven decisions with confidence,” said John Tsefrikas, Senior Vice President and General Manager Experian Verification Solutions. “Through this Experian Verify integration, CoreLogic’s clients now have secure access to the latest advancements in technology and income and employment information available in real time. Additionally, to realize cost efficiencies, lenders are only charged per report rather than per employment record.”
To help lenders ensure their application and verification process works seamlessly with existing systems, AutomatIQ Borrower VOE/I integrates with leading industry tools and technologies. This also means that when troubleshooting challenges arise, lenders will have a network of support. This creates a frictionless mortgage application process.
“People are at the heart of every mortgage transaction, and we want to ensure lenders are equipped with the most comprehensive solutions to bring clients a positive experience,” said Jay Kingsley, President, Mortgage Solutions, CoreLogic. “With accessibility to multiple leading verification options and customization to select their order, the enhanced VOE/I solutions enable lenders to verify their way and make informed decisions.”
To learn more about AutomatIQ Borrower VOE/I, visit the CoreLogic website.
CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit stage.corelogic.com.
CORELOGIC, CoreLogic logo and AutomatIQ are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.
*Certain elements of these solutions are offered by CoreLogic Credco LLC