OpenClose, a fintech provider of mortgage software solutions for banks, credit unions and mortgage lenders, 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.
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