ComplianceEase Launches Online Verification Tool

ComplianceEase has announced that it has launched VOE Xpress, a Web-based solution that provides independent authentication of borrower employment and income. VOE Xpress allows lenders to verify a borrower’s employment and income history to demonstrate the borrower's ability to repay as required by the Consumer Financial Protection Bureau’s Qualified Mortgage (QM) rule and by government-sponsored enterprises (GSEs) and investors.

VOE Xpress validates the borrower’s employment and income information via search engines, employment verification databases, and verbal and/or written confirmation from the borrower’s employer. The solution then provides complete verification reports on a borrower’s name, employment history, employment dates, employment status, job title, and detailed compensation data (i.e., wages, overtime, commissions, and bonuses, if provided by the employer). In some cases, salary history and projected pay increases are also included.

“Documenting evidence of compliance using verification of employment (VOE) is a foundational best practice for all lenders,” said Al Ogrodski, senior vice president of Solution Strategy at ComplianceEase. “With VOE Xpress, our clients can conveniently place VOE orders and either download the results from our site or receive the results within their production platform if they are integrated with us—enhancing their workflow and improving efficiency. Similarly, outsourcing the VOE functions to an industry leading compliance expert can further reduce costs and mitigate regulatory and credit risk.”