Traditional methods of verifying borrowers’ liquid assets continue to cost lenders millions each year – not to mention, this process is growing increasingly susceptible to financial misrepresentation and fraud. Early Warning will be at the 2016 MBA Annual Convention and Expo October 23-25 in Boston, showing lenders how they can transform the lending experience for borrowers while lowering costs and risks.
Each year, 85% of the approximately 8.7 million mortgages originated in the U.S. are sold into the secondary market and securitized. In the past, the mortgage industry has relied heavily on manual, paper-based processes to locate and validate liquid assets.
Now, for the first time, lenders can verify liquid asset information through an automated approach using collaborative data from Early Warning's unique bank consortium model.
Read the entire article on MortgageOrb.com to learn how Early Warning's Asset Search and VerificationSM Service for Home Loans can help automate the systemic validation of liquid assets in an effort to remain compliant, become more efficient, reduce costs and better serve the nation’s borrowers with a simpler, more convenient loan experience.