The solution promises to increase the speed and accuracy of the verification process, making loan origination less expensive and more efficient for both lenders and borrowers.
HUNTINGTON BEACH, Calif., May, 24, 2022 — BeSmartee, an industry leader in digital mortgage lending software, announces the rollout of its enhanced verification of income and employment (VOIE) solution.
The average cost to originate a mortgage has increased for six consecutive quarters, reaching almost $9,500 per loan by the end of 2021. A confluence of forces is behind this trend. One is continued regulatory scrutiny. Another was the recent surge in demand for skilled professionals, brought about by high mortgage volumes during the pandemic. Both of these required lenders to hire more personnel, adding to loan origination costs.
Interest rates have since climbed to heights not seen since 2009, shrinking the pool of eligible buyers and forcing lenders to cut operational expenses at every corner. For lenders reevaluating their internal processes, implementing BeSmartee’s automated VOIE solution can streamline loan origination and significantly reduce costs.
It's in these tough times that great companies stake their claim, while mediocre companies stagnate and fall. Roughly 50% of Fortune500 companies were founded during bear and recession years,” says Tim Nguyen, co-founder and CEO of BeSmartee. “Now is the time for lenders to retool their operations to become lean and efficient, not only to survive the current bear market but to position themselves to thrive in the future.
BeSmartee’s configurable VOIE methodology makes it fast and easy for lenders to assess a borrower’s creditworthiness. By leveraging strategic partnerships with MeasureOne, TrueWork, Argyle, EmpInfo and The Work Number® from Equifax, BeSmartee provides lenders maximum employee data coverage. The VOIE functionality is integrated within Besmartee’s Point-of-Sale (POS), and also integrates with lenders’ loan origination software (LOS), for a complete, end-to-end digital mortgage solution.
We are thrilled to be partnering with BeSmartee to create future-proof and consumer-oriented data solutions, starting with verification of income and employment," said Elan Amir, CEO of MeasureOne. "We’re looking forward to scaling our partnership to help them grow within the industry.
"Partnering with BeSmartee to expand the reach of Argyle's instant income and employment verifications is an exciting step forward towards easier, faster originations," Argyle's CEO, Shmulik Fishman, shared. "We're excited to work together and expand this new digital solution, helping BeSmartee's customers continue to cut down the time to close."
"Lenders are seeking digital solutions that can support a quicker time-to-close as well as reduce their costs,” commented Ashley Wood, VP of Mortgage Verification Services at Equifax Workforce Solutions. “With over 540 million current and prior records from more than 2.5 million employers, The Work Number database provides BeSmartee customers instant access to the most complete coverage for income and employment verifications across the mortgage industry."
BeSmartee is already working with clients to implement the solution to save them time and money on verification. Lenders will notice the benefits immediately in this volatile market, as well as in the future.
Leading fintech firm BeSmartee is transforming the financial services industry with its award-winning, web-based digital mortgage platforms for banks, credit unions and non-bank lending institutions. BeSmartee delivers a complete digital mortgage experience that goes deeper into the origination process to help lenders convert higher and close faster — making a once tedious, paper-laden process fast, easy and transparent for all. For more information, visit www.besmartee.com.
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