KeyStoneB2B, the fintech solution that delivers competitive advantages for financial services leaders, has added a new set of verification products using DataVerify, an industry leading provider of mortgage risk assessment and fraud prevention systems, the company announced in a release.
KeyStoneB2B will simplify complex mortgage risk issues through DataVerify’s fraud and data integrity analytics. Premier mortgage banking resources can now speed up loan applications through this new lending process automation.
“DataVerify’s solutions automate data validation steps in the lending process, increasing efficiencies, performance, and controls, while reducing approval and processing timeframes,” KeyStoneB2B Chief Information/Technology Officer James V. Luisi said in the release. “With DataVerify, the mortgage lenders integrated in KeyStoneB2B get quick access to 1040 and W-2 data from the IRS to gain greater visibility into the credit-worthiness of borrowers. The result is faster, more confident decision making for loan origination.”
KeyStoneB2B said a major factor in speeding the credit verification process is that DataVerify delivers structured data — not just a PDF of the 4506-T and Social Security Award letter. A PDF, or picture of IRS forms, requires manual entry and slows decision making, while structured data from DataVerify empowers lending process automation. Loan officers see immediate benefits with the reduction of manual data entry, minimizing redundant tasks and errors.
“The addition of DataVerify modernizes mortgage loan processing through automation,” KeyStoneB2B Sales, Marketing and Digital Strategist Morell Maison said. “Mortgage lenders and financial institutions save time, increase accuracy and manage costs. Another major benefit is that automated processes assist with more consistent underwriting decision-making. This new credit reporting feature complements our previously announced new title and appraisal products. KeyStoneB2B is continuously expanding our service offerings to improve mortgage lenders’ bottom line.”