By Edlyn Cardoza
- Biometric identity verification
FundMore, a mortgage underwriting software, has partnered with the end-to-end solution digital verification analytics platform VeriFast.
“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 customers,” says Chris GrimesCEO of FundMore. “The risk of mortgage application fraud is a growing industry concern that needs to be addressed. Through this partnership, we continue to provide lenders of all stripes with the digital tools, automation and security they need to keep up with changing consumer demands and regulatory requirements.
Mortgage fraud has increased nearly 30% since the first quarter of 2020, and 92% of all mortgage fraud involves the falsification of financial data, such as income. Yet many lenders lack a simple, easy, and secure way to verify applicants’ finances. This makes them vulnerable to unknowingly approving loans that applicants might not be able to provide.
This partnership introduces a new layer of security for lenders using the FundMore platform to originate mortgages. With the new VeriFast feature, lenders can instantly verify applicants’ digital identity, financial data, and ability to service loans without leaving the FundMore platform. This allows them to effortlessly identify fraud at the initial application stage and reduce human error and poor quality loans.
VeriFast also recently implemented OCR for bank statements and uploading pay stubs as a cascade to ensure all applicants can verify their financial statements. While digital audits leveraging direct source data are the future, OCR of pdf statements is a necessary bridge to serve all consumers across the technology adoption spectrum. As such, VeriFast enables businesses to seamlessly integrate bank data, payroll information, tax transcript data, and biometric identity verification with existing process flows using an API. single-source configurable.
At the same time, FundMore’s comprehensive automated loan origination (LOS) system uses machine learning to streamline funding, reduce risk, improve efficiency through analytics, and dramatically improve loan success and speed. subscription process.
“VeriFast is seeing rapid adoption of the solution by 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 Rayco-founder of VeriFast.