Navigating the complexities of income and employment verification is often the most challenging task for banks and lenders during the origination process. Traditional methods like scrutinizing paystubs are outdated, cumbersome, and fraught with fraud, often resulting in applicants abandoning the process. More modern methods, such as relying on incomplete employment databases, are expensive and can leave 60% or more of applicants uncovered.
Discover how to:
- Reduce Paystub Requests - Learn strategies to reduce reliance on paystubs by opting for friction-free methods using alternative data sources.
- Navigate Incomplete Employment Data - Explore solutions for dealing with traditional databases that only cover 45% of borrowers and applicants.
- Improve Loan Conversions - Understand best practices banks are using to boost loan conversions by 50% by eliminating income and employment stipulations that create too much friction.
- Discover New Data Sources - Discover new data sources with more than 260 million reported incomes and billions of risk points that are fueling greater accuracy than ever before.
- Address Gig Economy Challenges - Get insights on verifying income from non-traditional sources.
- Decrease Customer Friction - Find out how to lower abandonment rates caused by cumbersome documentation requirements.
Download the white paper to transform your verification process and enhance accuracy and efficiency today!