In today’s outlook of mortgage lending, automation has become important in managing the growing demand for prompt and correct verification and authentication of bank statements.
The use of automation for fast and error-free bank statement verification helps in improving the mortgage procedure, letting lenders concentrate on more important work.
Any solution that is helpful in making the loan agreement or lending process simpler, more effective, accurate, and can prove valuable in offering you a competitive benefit. Automation enables these modifications and assists you in sustaining market share, even in the down market.
Why is Authentication of Bank Statements Required?
Lenders have a responsibility to ask for your bank statements or strive for VOD from your bank; some loan providers do both. Lenders that employ both bank statements and VODs to identify mortgage ability do so to please the needs of some government-assured loans where the source of down payment funds should be recognized for mortgage authorization.
In carrying out the verification procedure, some lenders may overlook rare account insolvency. Yet, a customer with multiple overdrafts within a 2-to-3-month period prior to closing on a home can be regarded as a threat to the bank.
Why is Automation Essential to Verify Bank Statements?
Verifying bank statements has largely been a manual task in previous times. Various borrowers will physically transfer or check their bank statements for the benefactor to review manually. The effect of this is that it takes more time for prospective borrowers to become disappointed and discover optional lenders and more time for a lender to require investing in each borrower. The mortgage lender also gets pulled away from activities that need their knowledge to help ease these administrative chores.
Luckily, mortgage automation solutions can assist in transforming your lending procedures. By automating verifications of bank statements, lenders can lessen the time ruined by manual checking whereas also being capable of managing variations in demand with simplicity.
Improving the Bank Statement Verification Process
With a growth in demand for unqualified mortgage loans, mortgage loan companies confront the challenge of processing six, twelve, or even twenty-four months of bank statements. Checking and processing these documents successfully and precisely is merely not extensible with a non-automatic workflow in position. Thus, the need for document verification services comes into view.
Are you all set to come forward from non-automatic data entry to automatic bank statement authentications? You can take the help of the leading verification service provider to get enthused with your automation.
Even with a knowledgeable team of underwriters, using an automation solution to authenticate bank statements can make your processing times quicker than ever. You will also get the additional benefit of different features such as:
- Pay calculators that can automate earning calculations.
- Increased transposition time and correctness.
- Improved income clarity.
Who is the Best at Providing Bank Statement Verification Services?
If you are prepared to make the shift to automation, Perfios is your solution for precise bank statement authentication and income estimations.
The four key pillars, each of which functions to increase the effectiveness and certainty of the mortgage lending procedure:
- Income estimations and extensive analytics gathered from proposed bank statements.
- Check borrower income in a few minutes.
- Enhance inversion or turnaround time, the number of bank statements, and the exactness of the verification.
- Safeguard and fight next to mortgage lending deception and distrustful behavior.
Final Words
So, mortgage lenders can save many hours, days, as well as months of manually validating bank statement data by integrating an automated solution. Stay connected with mortgage automation specialists at Perfios and initiate a simpler and more effective bank statement verification process for your business.
