In The News

Solution Enables Lenders To Re-Verify Borrower Employment

CoreLogic has fully integrated its leading Verification of Employment and Income (VOE/I) solutions with Encompass by Ellie Mae. Through the integration, mortgage lenders can now receive both automated and manual borrower employment and income verifications directly from Encompass. Additionally, because the CoreLogic VOE/I solution—part of the AutomatIQ Borrower suite of digital mortgage solutions—is also integrated with Fannie Mae’s Desktop Underwriter (DU) validation service, it delivers Day 1 Certainty and instant representations and warranties relief for all eligible borrower employment and income verifications.

An inefficient applicant verification workflow can cost lenders time and money. CoreLogic leverages an enhanced “waterfall workflow” that features a three-step process that ensures each borrower’s employment and income is verified as efficiently as possible. The CoreLogic VOE/I solution is the only solution on Encompass that can verify every borrower, every time, while following updated Fannie Mae employment and income verification guidelines enacted in response to the coronavirus (COVID-19) pandemic. This includes the ability to verify or re-verify borrower employment via all accepted methods, including email, pay stub or bank statement.

“At CoreLogic, we are laser-focused on innovating solutions to help clients reduce time, touch and cost of every origination,” said Jay Kingsley, executive, CoreLogic Credit and Borrower Solutions. “With this integration, CoreLogic has achieved a major milestone in our growth strategy for AutomatIQ Borrower and march toward the digital mortgage. We can now provide clients with access to our cutting-edge employment and income verification technology directly through the Encompass loan origination system.”

Ellie Mae is the leading cloud-based loan origination platform provider for the mortgage industry. The Ellie Mae Digital Lending Platform empowers lenders and investors to engage homebuyers and efficiently originate, close, sell and purchase loans that maximize return on investment across their business—all from a single system of record. The platform delivers a true digital mortgage experience across the entire mortgage workflow for every channel, every loan transaction and every customer type.

“We are always looking for ways to offer lenders more value and digital mortgage innovation,” said Parvesh Sahi, senior vice president of business development, Ellie Mae. “In today’s landscape especially, lenders are looking for solutions to help manage increased refinance demand, while also managing support for virtual workforces and consumer demand for online services. With the CoreLogic integration with Encompass, lenders can take advantage of their verification of employment and income capabilities for added speed, efficiency and compliance.”