Income without Paper

Quality Mortgage Services (QMS) has announced the release of their newest solution to help solve industry compliance obstacles.  QC Verify fully automates the verification process, which has historically been a difficult to manage, paper ridden and a costly means of attempting to verify assets, income and employment.

Income and employment verification requirements changed as recently as October of this year.  Although income data points have been reduced, the requirements to verify income continue to be a critical component in determining borrower stability.  Securing a completed verification on base pay, bonus, overtime, commission, second job income and other income can be tedious and time consuming.  The verification process as a whole has changed little in the past decade, although compliance requirements are more stringent in order to mitigate risk and fraud, verifying assets, income and employment has remained a traditional snail mail process.  Ongoing concerns over wrongful access to Personally Identifiable Information (PII) have been an obstacle to automating the verification process.  Additionally cyber security regulation continues to impose requirements for borrower related communications.  Lenders are overwhelmed by the precautions necessitated when attempting to simply verify borrower information.  If these issues are not properly addressed, the verifying institution could be without sufficient information to process the verification request and/or could gain access to protected data about your borrower.  Now more than ever, the industry needs a solution in this area, making the introduction of QC Verify a welcome alternative.

QC Verify leverages the reputable Mortgage Analysis Review Software (MARS) proprietary platform that powers the QMS suite of solutions.  With innovative technology, lenders can gain immediate results, to include…

  • Elimination of fulfillment costs incurred when manually packaging, mailing and tracking verification documents.
  • Confidence that process administration and privacy data are protected in a secure environment during the verification process.
  • Significant reduction in verification process turn-time, replacing manual verification processes with immediate online access.

Solutions exist that allow the lender to access income and asset information, however these tools can be costly, reach a limited number of employers and, most importantly, do not consistently fulfill due diligence requirements.  QC Verify offers the first opportunity to automate existing manual processes, without reinventing them in a manner that is only partially compliant.

Tommy A. Duncan, CEO of QMS, was quoted in a recent press release as saying, “We are excited to introduce QC Verify, which solves a long-time industry issue and ensures processes are more secure for the consumer, as well as the financial institution.”  QMS has provided due diligence solutions for the financial services arena since 1982.  The QMS product suite has grown from specialization in post-closing audit and quality control, with expertise in pre-funding solutions, to encompass MERS reconciliation, HMDA and AML audits.  QMS also offers solutions that satisfy investor and agency funding requirements, meeting VA, FHA, USDA, Fannie Mae and Freddie Mac guidelines.

In a time of unceasing regulatory change, partnering with providers that understand the mortgage business from the ground up, and have technical expertise, can be a challenge.  QMS offers long-standing industry experience and has a track record of successfully automating tedious, manual processes.  This is a great opportunity to re-evaluate how your institution manages verifications, as well as pre-funding and audit practices.