OpenClose expands Decision Assist to target mortgage brokers and lenders – NMP Skip to main content

OpenClose expands Decision Assist to target mortgage brokers and lenders

National Mortgage Professional
Sep 28, 2008

Rapid Reporting announces EmploymentChekMortgagePress.comRapid Reporting, VVOE, EmploymentChek, income and identity verification Rapid Reporting, an award-winning innovator of income and identity verification products to the mortgage industry, has announced the upcoming release of EmploymentChek, the mortgage industrys first third-party employment verification service offering verbal verification of employment (VVOE). VVOE picks up where automated employment verification services leave off by providing confirmations that come from live, person-to-person contact with the employer. With EmploymentChek, lenders and brokers can get definitive answers on a borrowers employment in 24 hours or less, thereby protecting themselves in one of the most challenging aspects of fraud detection. All mortgage loans contain four major risk factors for fraud: identity, income, employment and collateral. The mortgage industry is particularly challenged by employment fraud because of the labor-intensive and paper-laden, manual process of verification, which opens lenders up to a variety of errors, oversights and opportunities for fraud. In most mortgage shops, the verification process is not measurable or accountable, and the mortgage companies do not capture the data. Rapid Reporting's EmploymentChek solves those issues with a process that validates the existence of the employer thorough a search of public and private records, and also provides a person-to-person verbal verification of employment conducted by a trained employment fraud specialist. "The old-school ways of verifying employment leave lenders exposed to a variety of fraud, not to mention slow turn-around times and higher costs of doing business," explains Jay Meadows, CEO for Rapid Reporting. "What we've done is create a reliable and consistent process that benefits from the stability and uniformity of constant repetition. Lenders get a definitive answer on employment verification based on thorough research by fraud prevention specialistsall with a few mouse clicks, and in less than 24 hours." Especially with the strain of today's challenging market, many lenders are finding the employment verification process tedious and time consuming, not to mention a strain on the skills of their underwriting teams. "There's the issue of labor efficiency. At the rate underwriters are getting paid, doing employment verification isnt exactly the best use of their time," explains Meadows. "And since there arent a whole lot of junior underwriters in the business, this work often gets delegated to temporary workers, which presents a huge risk factor. Counting on employees with many other dutiesthose that might not be committed to proper execution of the verification processopens an opportunity for fraud to leak into the business. How employment verifications are obtained can literally mean the difference between catching a bad loan or getting a buy-back or foreclosure down the road." In order to use Rapid Reporting's EmploymentChek service, users simply log on to their Rapid Reporting web-based application, select VVOE, and provide the relevant information, such as the borrowers name, employment information and social security number. Rapid Reporting receives the information and begins working on the file, running the information through multiple systems containing billions of public and private records. It is then assigned a risk rating based on the viability of the employer. At this point, the information is relayed to Rapid Reportings customer service center, where a highly trained specialist calls the employer and verifies employment of the borrower. The lender can rest assured knowing that a reliable and consistent process has been implemented, and can therefore depend on the information, which can be reviewed manually or fed to their loan origination systems. The client is welcome to listen in on Rapid Reportings verification calls, and all calls are thoroughly debriefed, with survey reports readily available to the user. "Whether the lender chooses to listen in on the call, review our debriefing reports, or a combination of the two, they get information that's in many cases much more thorough than theyd get on their own," says Meadows. "Lenders can get the pertinent details of each call, such as whether the phone was answered with a business name, or if there were non-professional sounds like a television or a baby crying in the background, which are all red flags. Lenders and management will also have the ability to listen to the recording of the entire VVOE call for up to 30 days." "We've been working on developing EmploymentChek for over a year, and virtually every underwriter we've spoken to has been eagerly anticipating its release," says Meadows. "With EmploymentChek and VVOE, lenders get speed and reliability, along with the assurance of specialized, accountable, third-party verification, all for a price thats less than what it would cost them to do this in-house." Rapid Reporting's EmploymentChek will be available in the fourth quarter of 2008. For more informaiton, visit www.RapidReporting.com.
Published
Sep 28, 2008
More from
Tech
Redfin Expands iBuying Business To Florida

RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.

Tech
Aug 11, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
Deal With Opendoor Allows Zillow Back Into iBuying Business

As it releases rough 2Q earnings report, Zillow announces partnership with former rival.

Tech
Aug 04, 2022
ATTOM Sells Off RealtyTrac, Homefacts

Websites now the property of Nations Info; financial terms of the deal were not disclosed.

Industry News
Aug 01, 2022
UWM Among Companies Selected To Host AI Bootcamp 

Mark Cuban Foundation’s Artificial Intelligence Bootcamp initiative teaches AI concepts to underserved high school students.

Industry News
Aug 01, 2022
Ribbon Expands into Kentucky; Now In 15 States

Cash-offer fintech expands to Louisville market with partner Finish Line Realty.

Industry News
Jul 26, 2022