How Argyle Transforms the Mortgage Lending Experience

Verification of income and employment is one of the most taxing processes of originating a new mortgage—but, it doesn’t have to be that way

Standard employment verification for mortgages 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 origination process. And if borrowers have gig, freelance, or inconsistent income streams, this process looks even hairier. 

A better borrower lending experience is possible with Argyle

With Argyle, you get instant, automated income and employment verification, unlimited fee-free reverifications throughout the closing cycle, and a holistic view of applicants’ creditworthiness, for a low-friction borrowing experience that eliminates manual touchpoints, reduces cycle lengths, and lowers first payment default risk, all at less cost to you.

Argyle also makes possible the next-generation digital experiences that will allow you to remain not just viable but vital in the years to come. The granularity of the data we source coupled with our continuous data refresh technology enables you to build a personalized, end-to-end home-buying experience that takes your customers from pre-approval to refinancing with minimal (if any) interventions from your team.

Faster, cheaper closings

As a consumer-permissioned gateway, Argyle is also leading a paradigm shift in the price of income and employment verification for mortgages. 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 their mortgage originations faster

• Reduced risk of fraud, with no human intervention to the documents and data shared via Argyle

Implementing Argyle into your mortgage loan origination process

Argyle can be easily embedded wherever borrowers enter information on their assets, income, and employment. You can integrate our front-end UI element natively on iOS, Android, ReactNative, and JavaScript. 

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.

Employment authentication reduces unnecessary friction

Whether you maintain your current income and employment verification 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 verifications

Including Argyle in your mortgage application flow offers an immediate improvement to both your lending experience, your internal efficiencies, and your bottom line. 

Want to see Argyle in action? Create a free Argyle Console account to access demos and sandbox tools. Or reach out to our team! We are happy to answer any questions you may have.