FundMore, a mortgage underwriting software, has partnered with end-to-end digital verification analytics platform VeriFast.
Mortgage fraud has increased by nearly 30% since Q1 2020, and a full 92% of all mortgage fraud involves falsification of financials, like income. Yet, many lenders lack a simple, easy, and failsafe way to verify applicants’ financials. This leaves them vulnerable to unknowingly approving loans applicants may not be able to service.
This partnership introduces a new layer of security for lenders using the FundMore platform to originate mortgage loans. With the new VeriFast functionality, lenders can instantly verify applicants’ digital ID, financials, and ability to service loans without leaving the FundMore platform. This gives them the ability to effortlessly identify fraud at the initial application stage, and reduce human error and poor-quality loans.
VeriFast has also recently implemented OCR for bank statement and paystub upload as a waterfall to ensure all applicants can verify their financials. While digital verifications leveraging direct source data is the future, OCR of pdf statements is a necessary bridge required to serve all consumers across the technology adoption spectrum. As such, VeriFast empowers companies to seamlessly integrate banking data, payroll insights, tax transcript data, and biometric identity verification, to existing process flows using a single-source configurable API.
At the same time, FundMore’s comprehensive automated Loan Origination System (LOS) utilizes machine learning to streamline funding, reduce risk, improve efficiency through analytics, and greatly improve the success and speed of the underwriting process.
“From day one I was impressed with VeriFast’s deep expertise and technology. FundMore now provides instant digital verification to streamline the mortgage process for our clients,” says Chris Grimes, CEO of FundMore. “Mortgage application fraud risk is a growing industry concern that needs to be addressed. Through this partnership, we continue to give lenders of all stripes the digital tools, automation, and security they need to keep up with changing consumer demands and regulatory requirements.”
“VeriFast is experiencing rapid solution adoption with mortgage lenders who want to digitize and streamline their pre-approval and underwriting processes. Our partnership with FundMore will help automate financial and KYC-ID verifications. Together we are taking digital verification and lender security to a new level” said Tim Ray, VeriFast Co-Founder.
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