Insights

How Automated VOE Changes Everything

February 17, 2022
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Certified Credit

Verification of income and employment (VOE) is an essential step in the loan origination process. It enables you to confirm that your applicants truly possess the employment and income they claim on their application.

In turn, VOE can prevent you from falling prey to mortgage fraud. VOE also allows you to assess how likely it is that applicants will sustain a stable stream of income in the near future, fortifying your risk mitigation efforts.

While VOE is vital, it can also be cumbersome, costly, and time-consuming. Manual VOE is often riddled with disruptions and delays. Automating the VOE process with a solution like Cascade VOE can supercharge your business and enhance the ease of your loan origination process.

Below, we’ll review 10 ways that VOE can change everything for your mortgage lending business. We’ll also explain what Cascade VOE is and how it works.

10 Ways Automated VOE Changes Everything

Automating key aspects of your loan origination process, such as VOE, can offer many benefits. Here are just a few of the advantages that automated VOE can bring to your business:

#1 Easy Integration

If you and your team are used to your existing workflows, you may be reluctant to embrace new technologies. Luckily, automated VOE doesn’t have to disrupt the processes you already have in place.

Instead, automated VOE should integrate with your existing LOS system with ease. Around 80% of our customers integrate Cascade VOE with Experian. Once integrated, you can monitor verifications from your LOS system rather than switching between platforms.

#2 Convenient Customization

Automating VOE doesn’t mean that you have to give up control of your current processes either. It simply means that you get to make them easier, faster, and more efficient.

Automated VOE solutions come with extensive customization settings so you can personalize them to work for you.

For instance, with Cascade VOE, you can always adjust the number of vendors you want to request verifications from and the order in which you submit these requests. Once your vendor preferences are set up, Cascade VOE will do all of the heavy lifting for you according to your customized settings.

#3 Powerful Time-Savings

As a mortgage lender, you know how monotonous manual VOE can be. With all of your other responsibilities, ordering multiple verifications from different vendors and tracking them can take up a ton of time that you don’t have.

Fortunately, VOE automation can streamline this tedious process once and for all.

With automated VOE, you can rest assured that your VOE needs are being taken care of behind the scenes. In the meantime, you can reinvest your valuable time into:

    • Upgrading other areas of your loan origination process
    • Enhancing your client experience
    • Attracting more prospective clients and scaling up your business

#4 Faster Turnaround Times

Not only can automated VOE save you and your team time in terms of manual work, but it can also yield faster verification results.

Since automated VOE automatically requests verifications one after another, it can yield hits in a matter of minutes to hours. In contrast, with manual verifications, it can take up to 72 hours to get hits, if not longer.

Automated VOE’s expedited turnaround time can speed up your entire sales funnel.

#5 Cost Savings

VOE can be an expensive process. Fortunately, automation can make it more affordable.

Automated VOE can help you obtain hits from lower-cost vendors more often. Better yet, you won’t need to pay for any verification attempts that don’t result in a hit.

Automated VOE can also save you money by saving you time. Your team can use this extra time to be more productive in other areas of their day. With automation on your side, you may even be able to run your business with a streamlined staff.

#6 Improved Efficiency

If you want to expand your business as a mortgage lender, you need to enhance efficiency in as many places as possible.

With Cascade VOE’s quick, one-time ordering process, you can dramatically transform your verifications’ efficiency. In turn, you can sustain the quality of your loan origination process, even as you scale up.

#7 Fortified Sales Pipeline

The mortgage industry is incredibly competitive. Automated VOE can help you attract and maintain more of your prospective clients’ business.

How so? After a mortgage applicant authorizes your VOE request, they’re usually a lot more invested in completing the loan origination process with you. After all, they’ve just given up their personal information. Automated VOE can help you request authorizations early on in the loan origination process, so you can secure applicants’ investment right from the start.

Better yet, automated VOE enhances the comfort of the VOE process for your applicants. Rather than asking them to supply a ton of private paperwork and bank login information, you can go through automated vendors instead.

For these reasons, automated VOE can fortify the ease and quality of your lending pipeline, preventing untimely applicant drop-offs.

#8 Unparalleled Consistency

Even the most experienced loan officers can’t compete with automation when it comes to automated VOE’s verification consistency.

For instance, Cascade VOE’s automation can request verifications from vendors in the same order every time. Thanks to this standardized ordering process, your VOE workflows will be free of confusing deviations or disruptions.

#9 Enhanced Customer Experience

As we mentioned before, automating aspects of your loan origination process can free up your time to focus on your clients. You can use this time to cultivate better relationships with them.

It can also make the VOE process less intrusive for your applicants, which they’ll surely appreciate.

Lastly, automation can speed up the VOE process, which is a win for both you and your customers. Borrowers who are serious about obtaining mortgages value an efficient verification process just as much as you do. It brings them one step closer to owning the home of their dreams.

#10 Improved Customer Retention and Acquisition

By enhancing the customer experience, automated VOE can help you secure your clients’ business again in the future. You may even inspire some clients to refer you to their friends and family. In turn, automated VOE may boost your customer retention rate and customer acquisitions with minimal effort.

What is Cascade VOE?

Now that you know a few of the benefits of automated VOE, let’s take a closer look at Cascade VOE.

Cascade is a group of workflow automation solutions created specifically for mortgage lenders.  Produced by mortgage industry experts, Cascade’s solutions are tailored to the unique needs of the industry.

Cascade VOE is designed specifically to streamline the tiresome, outdated VOE process using a unique rules-based engine and multi-level vendor ordering. With its powerful automation, Cascade VOE can save you the hassle of doing VOE manually going forward by easily and efficiently collecting employment and income data from several of the industry’s leading databases, such as Work Number, Experian Verify, and many more.

Along with automation, Cascade VOE offers convenient customization. You can thoughtfully set your vendor preferences regarding the:

  • Number of vendors you use
  • Order in which you use these vendors

Once you’ve determined your vendor preferences, Cascade VOE can help you achieve a higher hit rate with lower-cost vendors, saving you money along the way. The multi-level cascade can also provide a higher hit rate and a better customer experience than manual verification, enhancing the entire process for borrowers and lenders alike!

How Does Cascade VOE Work?

Cascade VOE can easily integrate with many popular LOS systems. Once you’ve integrated Cascade VOE, you can start using it to order verifications for your applicants. All you have to do is:

    • Select the required report
    • Order an automated VOE
    • Let Cascade take care of the rest!

As Cascade VOE works its magic, you can turn your attention to other tasks.

Tracking the progress of your verifications is simple too. You can monitor verifications from your LOS system or request to receive notifications via text/SMS or email anytime Cascade VOE receives a hit. The best part? You only have to pay for a verification if Cascade VOE actually returns a hit.

Experience the Many Benefits of Automated VOE Today

As you can see, automated VOE has many powerful benefits. It has the potential to level up your mortgage business’ productivity and profits.

Most importantly, it can enable you to enjoy the ease of giving up manual VOE for good. In its place, you can get used to automated VOE’s speedy verifications and use them to thoroughly investigate your applicants’ financial backgrounds before you approve them.

Are you ready to reap the rewards of automating VOE? If so, schedule a demo of Cascade VOE with our team at Certified Credit today.

Certified Credit: Transformative Solutions For Mortgage Lenders Like You

In addition to offering automated VOE solutions, we provide a variety of other helpful credit-related products here at Certified Credit.

Some of our top mortgage lender solutions include:

  • Mortgage credit reports
  • Third-party verifications
  • Fraud and risk support
  • Settlement services
  • Credit report tools
  • Money-saving strategies

Discover how Certified Credit can help you upgrade your mortgage lending business today.