How Argyle Delivers Value Across Your Mortgage Operation

John Hardesty


How Argyle Delivers Value Across Your Mortgage Operation

From the C-suite to the closing team, the impact of our Income & Employment Verification solution is far-reaching.

When it comes to implementing new mortgage technology, you’re right to question exactly how—and to what extent—your organization will benefit.

At Argyle, we can say with confidence that the value of our Income & Employment Verification solution for mortgage will be felt throughout your organization. Here’s how Argyle brings next-generation benefits to multiple members of your team.

Executives love the cost savings—and what it means for their profit margins.

If gain-on-sale margin is king, there’s no better way to serve it than by reducing your production costs. And that’s exactly what Argyle does at the verification level.

Compared to high-fee legacy vendors like The Work Number and labor-intensive manual processes, Argyle reduces the cost of income and employment verifications up to 80%. That’s money that goes directly to your bottom line.

We do it by offering unlimited reverifications at better prices than The Work Number and its lookalikes, whose outdated business model depends on buying and reselling borrower data at a markup. And we do it by being far more efficient than the manual approach. With Argyle, verifications are automated and practically instantaneous, which reduces labor hours, eliminates several borrower touchpoints, and shaves days off of the loan cycle.

Most importantly, Argyle’s pricing is completely scalable. Whether your origination volumes are low, high, or somewhere in between, you’ll only pay for exactly what you need, and the savings will always compute.

Loan officers love the efficiencies—and the impact on conversions.

When your compensation is tied to the volume of funded loans you originate, the amount of work it takes to package a fully compliant loan file can be a major frustration. That’s why loan officers value how quickly and effortlessly they can collect borrowers’ required income and employment documentation with Argyle.

To fully appreciate what Argyle can mean for loan officers, consider their status quo: typically, they spend a lot of time and effort going back and forth with borrowers, requesting and gathering backlogs of pays stubs, W-2s, and 1099s. It can require a lot of handholding and add major delays to origination, especially if the borrower has difficulty locating and sending the correct documents.

Argyle changes the game entirely. In a matter of seconds, Argyle auto-retrieves all of the necessary income and employment documentation directly from the borrower’s payroll records and delivers them to the loan officer for easy processing.

What’s more, our optical character recognition (OCR) technology converts said documents into machine-readable text. Not only does this make them easier for loan officers to review, it unlocks auto-fill capabilities for related forms and applications.

In addition to making loan officers’ jobs easier and more productive, Argyle eliminates prohibitive frictions for borrowers and vastly improves their experience at origination. That makes borrowers more likely to convert and loan fallouts less likely. For loan officers in markets that are competitive—either because motivated borrowers are at a premium or because borrowers are shopping around for mortgage loans—it’s a critical benefit.

Loan processors love the speed—and the confidence that comes with it.

For all the reasons loan officers value Argyle—like instant document retrieval and form auto-fill capabilities—so do loan processors. On top of that, loan processors reap the benefits of fast, accurate, and fully compliant income and employment verifications.

Argyle lets loan processors run verifications on all of a borrower’s income streams with just a few clicks. In a matter of seconds, Argyle returns digital VOI and VOE reports that have been formatted and populated according to GSE requirements. This helps processors move loan files through the pipeline faster, so they can meet (and exceed) their quotas.

In addition to speed, loan processors can be sure of the quality of the income and employment data they’re working with. Because Argyle is pulling directly from the system of record (i.e., borrowers’ payroll accounts) in real time, they can be confident that Argyle will automate out risks of error and fraud as they quickly move files to production.

Underwriters love the precision—and the clarity it gives them.

Whether they’re underwriting by hand or validating the decisions of an automated underwriting system, the underwriters on your team shoulder considerable responsibility for the integrity and compliance of your assets. Their compensation—and your organization’s financial health—largely depends on their good judgements.

With Argyle, underwriters can be certain they have all of the data they need to ensure a file meets investor standards and requirements, and that said data is error-free and up-to-the-minute accurate.

Compare that to other income and employment verification solutions that may miss or falsely report critical data. A verification database like The Work Number, for example, can’t easily catch a very recent job loss or a disruption in income, since they run on static, lagged information.

The benefits of Argyle’s data quality also extend to the granularity and relevance of our dataset. Because we offer nearly 200 income and employment data points direct from the source, your  underwriters don’t have to make complex calculations to infer a borrower’s base and gross pay like they do with some other solutions. We give them that information outright—and so much more.

Closers love the reverifications—and the certainty that comes with them.

They’re your final gatekeepers, and they take that job seriously. They also know time is of the essence. The faster they can close, the better it is for them and your organization.

The beauty of Argyle at closing is that reverifications—and fresh document pulls—are part of the package. In other words, closers that use Argyle don’t have to reach back out to borrowers to send their latest pay stubs or provide fresh proof of income and employment, and they don’t have to run an expensive VOI or VOE report through The Work Number. They can simply click into Argyle and get everything they need in seconds, at no additional cost.

Not only does this make their job infinitely easier, it helps them be certain they are clearing to close quality files that won’t be subject to buyback requests.

The bottom line

Argyle offers a verifications point solution for mortgage, but the value of Argyle is far reaching. By implementing Argyle, your entire operation will uncover efficiencies that will help you stay profitable and competitive whatever the market brings.

Talk to our team about adding Argyle to your workflow. We can get you up and running, with no commitment, in as little as one business day.