Docutech’s integrations with leading technology providers in the mortgage and consumer lending industry are key to helping us deliver end-to-end solutions that enable lenders to streamline loan origination, reduce costs, and optimize the experience for the borrower. In our monthly Industry Spotlight blog series, we highlight key relationships that help us move the industry forward by delivering the most streamlined, accurate, compliant and innovative document experience possible.
This month, we sat down with Veri-Tax LLC, a leading national verification specialist serving the mortgage, consumer credit, alternative lending, education and other industries. Veri-Tax recently expanded its integrated services with Docutech to help lenders more easily obtain the tax transcripts needed to enroll in Fannie Mae’s Desktop Underwriter® (DU®) validation service. By expanding the integration between Veri-Tax and Docutech, lenders that use Docutech’s ConformX platform can easily satisfy Fannie Mae’s requirements by placing and retrieving tax transcript orders seamlessly within ConformX, where borrower information is already stored, while shortening the loan process by days.
Tell us more about Veri-Tax’s integration with Fannie Mae’s Day 1 Certainty program
This past April, Veri-Tax was pleased to announce the addition of Veri-Tax Verification of Employment/Income as an eligible verification report for the Desktop Underwriter® (DU®) validation service from Fannie Mae. With access to our Verification of Employment/Income, lenders enrolled in the DU validation service are now able to receive Day 1 Certainty™ in the form of freedom from representations and warranties for validated loan components.
“Unlike other providers with more diffused focus, we are a verification specialist committed to the relentless pursuit of learning and fulfilling our ‘customer happiness’ promise every day,” said Nick Lim, CEO, Veri-Tax. “In that spirit, we are thankful for the opportunity to collaborate with the Fannie Mae team in advancing our industry-leading capabilities and we are proud to continue to earn their trust and confidence. Following up on the successful integration of our 4506-T Income Verification services last year, combining our competitively superior Verification of Employment/Income service with the innovative Day 1 Certainty protections, speed and efficiencies truly creates a compelling value for our customers.”
How does your integration with Docutech help deliver an outstanding experience to the lenders you work with?
Veri-Tax’s partnership with Docutech saves lenders and borrowers time and money by streamlining document management to close their loans quickly and efficiently. Our Docutech integration can automatically create a tax transcript order in the Veri-Tax system as soon as an eSigned 4506T is received in the Docutech platform. Lenders have complete control over utilizing the automation for all orders or placing orders on a case-by-case basis.
For Lenders embracing true end-to-end digital mortgage offerings or for those interested in expanding their digital footprint, how is Veri-Tax leveraging innovative technology?
We essentially offer our clients a secure and reliable utility to outsource critical but cumbersome and manually-intensive verification activities. This frees them up to focus on digitizing other aspects of their mortgage value chain. We provide them a flexible and convenient range of interfaces with our technology-enabled services. In the spirit of our “customer happiness” promise, we strive to earn our clients trust and confidence that we are relentless in learning and optimizing these verification activities through the pragmatic application of technology in addition to mutually reinforcing people and process innovations.
What does Veri-Tax see as the most important developments in the mortgage industry over the next five years?
The long-term trend is the inexorable shift towards digitization and automation in the mortgage industry. While we all recognize technology is a catalyst for profound changes, we believe it is still a means to an end and integrating the right mix of “human” element in technology-enabled service development will be key to differentiating customer experience and delivering “customer happiness.”
How will Veri-Tax’s integration with Docutech continue to support lenders’ success moving forward?
Veri-Tax is authorized to provide 4506-T tax transcripts through the Fannie Mae DU validation service. By expanding the integration between Veri-Tax and Docutech, lenders that use Docutech’s ConformX platform can easily satisfy Fannie Mae’s requirements by placing and retrieving tax transcript orders seamlessly within ConformX, where borrower information is already stored, while shortening the loan process by days.
Veri-Tax CEO of Customer Happiness Nick Lim added, “We are pleased to enrich our partnership with Docutech, especially as we’ve become a Fannie Mae authorized report supplier. We believe the combination of our ‘customer happiness’ differentiation and the innovative Fannie Mae Day 1 Certainty benefits the robust Docutech platform and offers the compelling value of protection, speed and efficiencies for our shared customers.”