Floify, a point-of-sale solution and subsidiary of Porch Group, Inc. (“Porch Group”) (NASDAQ: PRCH), has launched verification of income (VOI) and verification of employment (VOE) waterfall technology. The new features will help lenders and brokers save time and reduce costs during the loan origination process.
Running employment and income verification reports is an important yet expensive step in the mortgage process and designed to reduce loan risk during underwriting. The new VOI and VOE features in the Floify platform enable mortgage professionals to view the results of multiple verification reports from different providers, starting with the least expensive, rather than having to run each one individually. This is expected to save Floify clients time while also realizing cost savings.
“We are pleased to launch the VOI and VOE waterfall with Informative Research. This unique technology will help our clients reduce costs, which is especially important today as verification-related fees increased significantly in the past three years. As an added benefit, because these waterfalls can be run within the Floify platform, our clients can bypass loan origination system add-on fees that often come with enabling new features.” Sofia Rossato, Floify’s President and General Manager.
“The Floify and Informative Research VOE/I waterfall solution helps us accelerate the application-to-close timeline, while delivering significant cost reductions to our branches and clients.” John Norris, Vice President of Technology & Innovation, Benchmark Mortgage.
“Informative Research Waterfall and AccountChek technologies work together with Floify’s platform to enhance asset, employment, and income verification processes. The partnership seeks to eliminate redundant orders and to streamline what used to be a cumbersome procedure for lenders.” Comments Craig Leabig, SVP Marketing & Product Management, Informative Research.
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