Federal regulations require that lenders reverify 10% of mortgage loans. Reverifications also catch fraud. But most lenders are still manually completing reverifications. The process is terribly time consuming—even if you're lucky enough to actually receive a response from the financial institutions you've gone to pains to track down. It's a lot of work and often for zero reward.
Mortgage volumes are currently lower, making now the perfect time to digitize reverifications. You'll be ready when volumes rebound and you won't need to go on a hiring spree to keep up with demand.
- Enables you to easily keep up-to-date with regulatory requirements
- Allows you to detect fraud quickly
- Gives employees time to work on value-added activities