In The NewsVOI/E Automation

Over 50 Lenders To Switch To A New VOI/E Platform

Argyle, a platform providing automated income and employment verifications for some of the largest lenders in the United States, closed a banner year of mortgage growth with 50 new IMB, credit union and bank customers. The payroll connectivity leader more than doubled the annual volume of income and employment verifications conducted on behalf of its customers to 1.5 million with the help of 15 of the top 100 mortgage lenders.

Chief Commercial Officer Brian Geary attributed Argyle’s increasing appeal in the mortgage vertical to the commitment of a growing team of in-house mortgage experts and the successful implementation of an ambitious innovation roadmap that is delivering tangible business advantages for customers.

After introducing multiple new platform features and adding thousands of employers to its data network, in October Argyle became the first provider of consumer-permissioned income and employment data to be named an authorized report supplier to Fannie Mae’s Desktop Underwriter® (DU®) Validation Service. The collaboration helps lenders reduce mortgage repurchase risk by enabling access to relief from representations and warranties through Fannie Mae’s Day 1 Certainty® initiative.

Argyle also added several new partnerships throughout the year that seamlessly integrate its verification of income and employment (VOI/E) services into loan origination software and point-of-sale platforms, including ICE Mortgage Technology (NYSE: ICE), Dark Matter Technologies, nCino (NASDAQ: NCNO) and Lenders One (managed by a subsidiary of Altisource, NASDAQ: ASPS), among others.

To support its growing mortgage customer base, Argyle created a dedicated mortgage division this year and added mortgage industry veterans Sam E. Oliver III and Terri Davis to its advisory board. Oliver is a Freddie Mac veteran of three decades, and Davis’ career in mortgage spans leadership roles at Fannie Mae, ICE Mortgage Technology and Notarize.

These investments are paying dividends to Argyle’s customers. Whereas legacy VOI/E providers report success rates in the range of 20-30% — requiring lenders to manually verify income and employment for most loan applicants — companies like Lake Michigan Credit Union and NFM Lending say switching to Argyle is now enabling them to achieve verification success rates north of 50%. At the same time, lenders report that Argyle saves them 80% on verification costs and cuts loan processing times by as much as seven days, resulting in higher borrower pull-through and reducing lender costs associated with rate hedging.

“Argyle is proud to close the year as the fastest-growing and highest-converting automated income and employment platform available to mortgage lenders today,” said Geary. “We are helping lenders weather the storm of this challenging market cycle by making a material impact on the bottom line. As we approach the new year, our customers can count on Argyle to continue investing heavily in mortgage as we look to drive our conversion rates even higher, build deeper integrations to the mortgage tech stack and round out our GSE approvals.”