Mortgage Cadence Adds Data Verification, Fraud Prevention And Compliance Assistance

Mortgage Cadence, an Accenture (NYSE: ACN) company, has added additional DataVerify capabilities to its Enterprise Lending Center (ELC) loan-origination platform, providing additional data verification, fraud prevention and compliance assistance.


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The enhanced functionality streamlines the application authentication process and improves the borrower experience by automating verification of borrower-provided information, including income and social security data.


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The DataVerify integration provides on-platform access to 4506-T IRS transcript ordering and verification. Without this functionality, lenders must navigate to the IRS website, rekey borrower data, and manually complete the 4506-T form, which taxpayers use to request copies of their tax return information. With the new functionality, Mortgage Cadence clients execute the process without leaving the ELC platform — requesting borrower authorization via eSign and then, once consent is given, ordering 4506-T verification directly from the IRS. Customers using this new integration report they are completing this process up to 95% faster.


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The potential benefits to the borrower are equally significant. Instead of borrowers being asked to provide detailed information, and in some cases, additional data to verify this information, such process is now automated on the back end, helping to reduce time to close.


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The newly released 4506-T DataVerify integration provides additional workflow automation to ELC customers who currently use DataVerify’s DRIVE® platform — a single-source application that automates the manual underwriting process and that features audit trail capabilities. When lenders receive 4506-T results, the data is automatically updated in real-time within the DRIVE® report, resulting in an enhanced process that helps to decrease cost to close by automating what had previously been done manually.

Another element of the enhanced DataVerify integration is Social Security Administration (SSA) verification. When the lender receives the SSA document, the integration automatically triggers a system check to confirm if the data is accurate, saving time by eliminating off-platform navigation.  

“At DataVerify, our mission is to deliver flexible solutions tailored to meet the ever-changing needs of our customers,” said Brad Bogel, DataVerify’s president. “Our integration with Mortgage Cadence furthers this mission by providing convenient access to secure verification processes that address industry compliance regulations all within the lender’s origination platform, Enterprise Lending Center.” 

Paul Wetzel, EVP and managing director of product management at Mortgage Cadence, said, “Optimized workflows and increased automation are essential to reducing time and cost to close. This latest integration between our Enterprise Lending Center and DataVerify is yet another example of how we help lenders improve operating performance.”