Solutions

Verifying Income

AI verifications for income and employment with 99% accuracy

Stated income is notoriously falsified and unreliable. Paycheck stubs and bank statements are easily forged. Income calculation is complex, and humans make mistakes – the more manual processes in place, the greater compliance and fair lending risk. Our income document intelligence uses AI and machine learning to automate the reviews of these documents, automatically calculate income, and detect fraud. This ultimately enables our clients to onboard applicants faster, reduce operating expenses and create efficiency gains, mitigate fraud, and enable employees to further focus on what matters most – building deep relationships with their customers.

Challenge

Typically every loan is processed by several people manually which can make it difficult to see patterns across the system that are preventing you from funding a loan. Are there minor formatting issues in an address? Do you often receive documents that contain the wrong lender name? Are you always missing one document?

Solution

Informed utilizes tools such as proprietary USPS lookup to find and correct “fat fingered” defects that could otherwise hold up your loan, or streamline communications with dealers and applicants to receive any missing documents using CollectIQ and DealerVerify. Additionally, we can identify larger patterns such as missing signatures on certain documents from a specific source, so they can be corrected up the funnel.

Verifying Income

The Benefits

Informed makes lenders easier to do business with, resulting in increased market share, improved customer retention and:

Approve applicants quickly, providing a better customer experience

Reduce bias and errors stemming from manual verification processes

Reduce costs by up to 50% compared with legacy VOIE solutions

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for lenders and consumers.

Upcoming Webinar: Crossing the chasm into the new digital world: The impact of AI and automation in creating a fully digital auto ecosystem

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