Pushing Reverification to a New Level
In today’s digital age, it is important to capture relevant data whenever possible and the reverification process can provide valuable reusable data. Not to mention the benefits of a reverification tracking system, whereby underlying verification data is leveraged to minimize errors, misrepresentation and fraud risk. Moving beyond tracking dates and peripheral data, accessing key participant information that includes branch location, loan officer, underwriter, and employer of record, can simplify and enhance further analysis, as well as foster process improvement. Summarization and investigation into discrepancies is similarly facilitated by an expanded dataset, while also providing more effective oversight and operational controls.
Expanding Reverification Alternatives
Managing reverification no longer has to entail tedious manual processes that are inefficient and yield haphazard results. Leveraging advanced technology developed in 2016, QC Verify offers a game-changing solution that fully automates the verification of income and employment, as well as rental history and gift letter acknowledgement. Originally created exclusively for internal quality control use, the QC Verify platform delivers an automated alternative to reverification by fax and mail, proven so effective at the onset that an independent version was deployed in October of 2020.
This revolutionary answer to industry reverification is presented to users through a cloud-based, secure portal. QC Verify not only facilitates loan level verification and data validation, but also aggregates results so lenders are able to track inconsistencies and identify trends in misrepresentation, as well as patterns indicative of fraud. In addition to paving the way for third-party providers in the QC and reverification space, QC Verify provides a unique product structure that allows lenders to select the depth and scope of their individual reverification strategy. This approach offers multiple levels of QC reverification services, as follows:
Option 1
TRADITIONAL – Industry standard – This is the industry standard for reverification as offered by third-party QC and audit providers. As a premier partner in the lending process or quality control, the QC Verify team is well versed in regulation, agency guidance and investor requirements associated with reverifications.
Option 2
ADVANCED – Unlimited attempts to reverify – Under this scenario, the lender has the option of paying for additional reverification attempts. Each attempt is designed to meet a lenders’ unique preferences for frequency, intervals, and mode of reverification, including mail, phone, or fax.
Option 3
LEASED – Sophisticated tracking and analytics – Lenders can now opt to pay for direct access to QC Verify’s reverification tracking component, a function that allows lenders to identify, manage and analyze reverification data. This data can also be utilized to create, validate and track related communications.
Option 4
PREMIUM – We do it all! – Our latest offering allows the lender to migrate the entire reverification process to QC Verify, PLUS our team will improve your success rate! A QMS reverification specialist will initiate, follow-up and track the entire process, using as many attempts and modes of collection available to secure the reverification response.
Partnering for Success
As our industry continues to evolve and innovate in response to record high origination volume, unceasing regulatory change and pandemic crisis, partnering with a provider that genuinely understands the mortgage business is crucial to your success. QC Verify was created on the backbone of long-standing industry experience and delivers a boutique approach to technology innovative. Contact us today at www.qcverify.com to find out more about how QC Verify can help you improve and innovate the value of reverification.