By Roisin Lakings, CFO of Advanced Data
Solving challenges faced in the mortgage industry is a driving force for many tech firms.
Historically, the entire industry has been slow to adopt the technology we are now seeing implemented in the emerging digital mortgage experience. A lot of factors are playing into that right now, be it regulatory compliance, cutting edge integrations of data exchanges, or COVID-19 and the push to a remote and touch-free process.
Advanced Data has always been an innovator when it comes to technology. Internally we make enhancements to our systems on a regular basis to improve the user experience. With our customizable, proprietary software, Advanced Data is able to accomplish significant developmental advancement without the common roadblocks.
Part of our technological success has been our dedication to strong partnerships with other innovators. Collaboration is key and strong partner relationships allow us to be a part of the ongoing conversation. The end game is improving the entire mortgage experience. We’re at the table, making decisions that provide solutions to us, our clients and ultimately the consumer. Not only are we enhancing the digital mortgage experience overall but we’re a voice in shaping it. Our eVoE tool is on the top of that list.
eVoE, released in early 2018, proved to be a tool that both improved our internal processes and allowed us to deliver a digital verification that is 100 percent complete, legible, secure, and reliable. Fraud prevention is at the heart of what we do. Although we cannot prevent the occasional and unfortunate misrepresentation of an individual borrower or an employer providing inaccurate or misleading financial information, our dedicated and experienced team knows how to flush that out and is trained to probe the questionable. The human factor here is why we continue to pursue further development initiatives and enhancements within our own systems, integrations, and operations. eVoE allows us to sidestep the inconsistencies that occur when relying on a hard copy 1005 and the more conventional methods of faxing and email. Utilizing eVoE allows employment or income verifications to happen digitally and securely with an audit trail that accounts for every individual that ‘touches’ that document.
Advanced Data’s participation in Fannie Mae’s Day 1 Certainty or D1C initiative is also evidence of our resolute commitment to our operations and verification processes. We have been scrutinized, combed through, turned over, tested, and quality controlled to ensure accuracy and implementation of best practices. The assiduous due diligence we participated in revealed the true quality of the products and services we return to our clients. It ultimately proves our value to the lender and the ROI is huge, not only for them but for us. In terms of efficiency, we are processing verifications of employment and income in record numbers, and doing so with precision, record turn times, and maintaining the highest quality verifications driven by regulatory compliance.
