For consumers applying for a mortgage—not to mention the loan officers who shepherd them through the process— the verification of income and employment (VoIE) process is one of the most taxing requirements of originating a new mortgage. But, it doesn’t have to be that way.
Read on to learn how Argyle is saving lenders time and money in their VoIE protocols and alleviating frustrations at every stage of origination.
The problem with the status quo
Standard VoIE processes ask borrowers to complete a number of manual, inconvenient tasks throughout origination. These cumbersome steps lower conversion and increase friction. Typically, income and employment verification is the most arduous part of the entire mortgage process, requiring borrowers to:
Enter excruciating detail related to their employment history. This can constitute dozens of fields, much of which they may have to recall from memory.
Log in to various external systems to locate, download, and re-upload their W2 and recent paystubs.
Confirm employment details and employer contact information plus correct any missing or inaccurate information.
Do it all again near closing.
Meanwhile, coordinating these steps and chasing down this information entails a lot of unnecessary back and forth—all of which adds time and cost to the mortgage process. And if borrowers have gig, freelance, or inconsistent income streams, this process looks even hairier.
A better borrower experience is possible
Argyle offers a more efficient, friendly workflow.
With Argyle, borrowers can securely share access to their payroll data early in the application process, cutting out all of the manual VoIE steps.
Lenders get complete, real-time visibility into income and employment, customizable compliance reports, and unlimited downloads of W2s, paystubs, W9s, 1099s, and any other documents that live in the payroll or employment systems, with just one borrower touchpoint. Compare that to the status quo, which forces lenders to re-engage borrowers multiple times asking them to locate, collect, and send said documents every time they need to update their records.
Faster, cheaper closings
As a user-permissioned gateway, Argyle is also leading a paradigm shift in the price of income and employment verification. Not only do we offer a dramatically lower-cost initial authentication, we also enable lenders to avoid expensive reverifications. With Argyle, access is continuous and unlimited.
In addition to direct savings, implementing Argyle also reduces cost for lenders via:
Reduced instances of inaccurate or missing data, since users share their information direct from the source (the payroll system)
Fewer borrower touchpoints, helping loan officers close faster
Reduced risk of fraud, with no human intervention to the documents and data shared via Argyle
Implementing Argyle into your mortgage process
Using a third-party POS vendor? Contact our team to find out if Argyle is already integrated. Or get started by replacing Argyle as your Verbal Verification of Employment (VVOE) vendor.
From there, we make it easy for borrowers to find their employer and share their information.
It’s as simple for borrowers as locating their employment or payroll platform in our database, entering their login credentials (yes, they know their passwords
), and clicking connect. From there, Argyle technology does the work of linking the income and employment data stored in their account to your system.
Either way, passwords are inevitable
You may be wondering if introducing an authentication step into your application flow introduces unnecessary friction. The short answer is, no.
That’s because, whether you maintain your current VoIE protocols or use Argyle, your borrowers need to log in to their employment or payroll portal. With regard to the former, it’s required of them each and every time you ask them to track down a paystub or W2. Not only that, they have to leave your application flow to do it. With Argyle, they only need to log in once, and it’s embedded seamlessly into your user experience. Once and seamless is better.
The results? Faster, more affordable, more accurate VoIE
Including Argyle in your mortgage application flow offers an immediate improvement to both your borrower experience, your internal efficiencies, and your bottom line.