General
The Verification Platform is a service that leverages API technology to orchestrate, source and deliver verifications data. It is a rules-based technology platform that automates employment, income and consumer-permissioned data through custom-built workflows. Banking, Tax and Asset data coming soon.
While the process of verifying a consumer’s employment and income would seem to be a simple process, what has evolved over the past decade has been an ever-increasingly complex web of third-party verifiers, whose technology is often layered on top of other mortgage tech platforms and systems.
Instead of making the process simpler and easier, many lenders have found that adding verification providers leads to inefficiency and added expense.
Informative Research’s Verification Platform provides lenders a one-click service to fulfill all verification of employment requirements with custom-designed fully integrated workflow.
Our platform is integrated with Equifax’s The Work Number, Experian Verify, and Veri-Tax. Coming soon: AccountChek, Thomas & Company, Sourcepoint and others.
A Verification Waterfall is a pre-defined approach to sequencing orders for verifications. After users create a verification order, our system will automatically start with the first defined vendor and will continue to the next vendor until a successful response has been received or all vendors are for the selected Verification Waterfall are exhausted.
The Verification platform supports the following verification types:
- Consumer-Permissioned Payroll
- Instant Employment & Income Databases
- Manual Verifications
- Coming soon – Bank Transaction Data
Yes, our lenders have become extremely creative in the various waterfalls.
Some examples might be:
- Lender wants to have a manual waterfall setup, but only allow certain users to access that waterfall
- Lender wants to limit a provider as part of a waterfall setup, but allow certain users to submit an order for this provider
Account Setup
Setup is typically completed within 24-48 hours.
No, IR has negotiated and executed a contract with each provider so that you do not have to. A single Master Services Agreement with Informative Research covers all verification providers (current and future).
Yes, you will be assigned a Client Success Manager that will guide you through the process from start to finish.
Yes, you will be assigned a Client Success Manager who will help your team learn to use the platform. The training will be customized to account for your unique waterfall setup and user permissions.
Your Client Success Manager will work closely with your team to define each provider and product for each step of the waterfall(s).
Yes, multiple waterfalls can be created in the platform. Some clients create Role or User level waterfalls based on where the consumer is in the loan process.
No, set up and changes to the waterfall(s) are made by the Informative Research team.
Using the Platform
Whenever a verification report is requested through the Verification Platform, you can choose to instantly access the results in the Quick View section of the homepage. In this section, you have the option to expand the order details and see the status for each step of the waterfall.
When a waterfall order is successful, there will be a link to the vendor report and the IR summary report. The IR Summary Report is a standardized report that contains the following information:
- VW Order Number
- Consumer Name
- Loan Number
- Employer details such as:
- Employer name
- Employer Address
- Consumer Position
- Start Date
- End Date
- Pay Rate
- Pay Frequency
- Employment Status (Active or Inactive)
The Verification Platform is available in the following systems: Floify, Encompass. An integration with Dark Matter is coming soon.
We also provide clients with an option to do a direct integration so that the Verification Platform solution can be integrated into any proprietary system. Please refer to Direct Integration for more details.
Yes, the cost for the verification is based on the successful vendor.
Yes, user permissions can be enabled at the Role and User level.
Yes, the Verification Platform will prompt users if there is an existing waterfall report.
Also, the Company Admin or IR has the option to configure a Role and User level with restrictions to prevent new verification and reverification reports from being ordered if there is an existing successful report.
No, Informative Research will include orders from all service providers in a single monthly invoice.
Yes, the Verification Platform supports two forms of online billing
- Billing for VW order only
- This provides only the billing details associated to the selected VW order number
- Billing based on Loan Number
- This provides all billing details associated to the Loan Number
To order a verification report using the Verification Platform
- Log in to VW hub
- Select the Verification Waterfall tile
- Select the Waterfall setup to use for the order
- The default Waterfall option is automatically selected based on the user’s permissions
- Enter the consumer details
- If you use credit services with IR, you can import the consumers data
- Click the Order button
- The system will automatically send the verification request to the first provider based on the Client ID settings and will waterfall through each provider as needed to fulfill the order or until all providers for the selected waterfall have been exhausted
Turn times will vary based on the providers that you have in your waterfall setup.
Any provider that IR is integrated with that is currently accepted by the GSEs rep and warrant relief programs will automatically be accepted by the GSEs.
Direct Integrations
This will vary based on the providers that you would like to include in your waterfall setups. Regardless of the provider, you will still develop to the Universal Request and Universal Response, however if you opt to include an asynchronous provider you will also need to develop a method for querying the status and results for this provider as it will not be returned as part of the initial response.
If you would like to discuss in depth development and what is involved, please reach out to integrations@informativeresearch.com
IR uses a standardized Universal Request and Universal Response that is in a JSON format. This allows our clients to develop once to the Universal Request and Universal Response and behind the scenes IR will transform the data based on the providers required format for each step of the waterfall.
We deliver the reports in JSON and PDF format.
No, this is one of the benefits of having a Universal Request and Universal Response. We have added all fields that would be needed for any providers and will only pull the data from the Universal Request that is needed for each step of the waterfall.
