Automated Verification Agent Service

Automated Verification Agent Service

Our turn-key, Software-as-a-Service solution offering low cost automated solutions for validating the accuracy of a loan portfolios for warehouse lenders, loan buyers and other secondary market participants. The process is very simple: we (i) validate the accuracy of the loan tape data against the source documents and (ii) validate that the required documents are in the file. We follow a systematic process and leverage automation and efficient and rigorous business processes to perform the service.  The results can be automatically delivered to the repository of your choice with automated email status reports.

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What are the Deliverables from the VeriCompliance Process?

For each loan that is VeriComplied, the following are delivered:

  • VeriComply Certificate— each loan is certified as of the date of our review
  • Loan Tape Validationa comparison of key loan tape data against the source document
  • Closing Loan Document Validation— a review for deficiencies in the loan file documentation.

 

What type of Loans can VeriComply Validate?

VeriComply can set up a process flow for Consumer, Mortgage, CRE or Commercial loans. For more complex assets, we offer a more robust solution including Asset Assembly tools and a Diligence Repository.

 

What are the benefits of VeriComply-as-a-Service of a Loan?

  • 50% cost savings over traditional verification services across multiple asset classes
  • Capture upstream diligence for downstream transactions
  • Faster approval by warehouse lenders and for securitizations
  • Reduced compliance risk and costs
  • Increase liquidity of Marketplace Loans in the secondary market
  • Integration with eVault by eOriginals for managing secondary market transactions.

 

What is the cost?

Our pricing is based on asset type, complexity and volume of the project. Our VeriComply consultant will use our pricing calculator to provide an exact quote, but we can cut your current Verification Agent costs by 50%.

Is the solution scalable?

The VeriComply solution is built on mature, tested software platform on release 5.0 that has been used for multiple, complex regulatory compliant workflows. For instance, one customer uses the system to process 10,000 residential mortgage documents per hour with 1,500 knowledge workers validating loan data against data tapes 24/7. The underlying software has also been used by companies such as J & J and Allergan for medical device tracking under heavy FDA regulation.