General

• What is the Verification Platform?

  The Verification Platform is a service that leverages API technology to orchestrate, source and deliver verifications data.  It is a rules-based technology platform that automates employment, income and consumer-permissioned data through custom-built workflows.  Banking, Tax and Asset data coming soon.

• What problems does the Verification Platform solve?

  While the process of verifying a consumer’s employment and income would seem to be a simple process, what has evolved over the past decade has been an ever-increasingly complex web of third-party verifiers, whose technology is often layered on top of other mortgage tech platforms and systems.

  Instead of making the process simpler and easier, many lenders have found that adding verification providers leads to inefficiency and added expense.

  Informative Research’s Verification Platform provides lenders a one-click service to fulfill all verification of employment requirements with custom-designed fully integrated workflow.

• What Verification Service providers is the Verification Platform integrated to?

  Our platform is integrated with Equifax’s The Work Number, Experian Verify, Veri-Tax and Thomas & Company.  Coming soon: AccountChek and others.

• What is a “Verification Waterfall (VW)”?

  The Verification platform supports the following verification types:

  1. Consumer-Permissioned Payroll
  2. Instant Employment & Income Databases
  3. Manual Verifications
  4. Coming soon – Bank Transaction Data

• Can we create multiple verification strategies?

  Yes, our lenders have become extremely creative in the various waterfalls.

  Some examples might be:

  1. Lender wants to have a manual waterfall setup, but only allow certain users to access that waterfall
  2. Lender wants to limit a provider as part of a waterfall setup, but allow certain users to submit an order for this provider

Account Setup

• How long does it take to set it up?

  Setup is typically completed within 24-48 hours.

• Do I have to make a contract with each verification provider?

  No, IR has negotiated and executed a contract with each provider so that you do not have to.  A single Master Services Agreement with Informative Research covers all verification providers (current and future).

• Do you support getting our team set up on the platform?

  Yes, you will be assigned a Client Success Manager that will guide you through the process from start to finish.

• Do you provide training on how to use the platform?

  Yes, you will be assigned a Client Success Manager who will help your team learn to use the platform. The training will be customized to account for your unique waterfall setup and user permissions.

• How are waterfalls set up within the platform?

  Your Client Success Manager will work closely with your team to define each provider and product for each step of the waterfall(s).

• Can we create multiple waterfall scenarios?

  Yes, multiple waterfalls can be created in the platform.  Some clients create Role or User level waterfalls based on where the consumer is in the loan process.

• Can a lender configure their own waterfall in the platform?

  No, set up and changes to the waterfall(s) are made by the Informative Research team.

• Is there a limit to the number of waterfalls that can be set up?

  No.

Using the Platform

• What data do we get back?

  Whenever a verification report is requested through the Verification Platform, you can choose to instantly access the results in the Quick View section of the homepage. In this section, you have the option to expand the order details and see the status for each step of the waterfall. 

  When a waterfall order is successful, there will be a link to the vendor report and the IR summary report.  The IR Summary Report is a standardized report that contains the following information:

  • VW Order Number
  • Consumer Name
  • Loan Number
  • Employer details such as:
    • Employer name
    • Employer Address
    • Consumer Position
    • Start Date
    • End Date
    • Pay Rate
    • Pay Frequency
    • Employment Status (Active or Inactive)

• Can I use the Verification Platform inside of my POS or LOS?

  The Verification Platform is available in the following systems: Floify, Encompass.  An integration with Dark Matter is coming soon.

  We also provide clients with an option to do a direct integration so that the Verification Platform solution can be integrated into any proprietary system. Please refer to Direct Integration for more details.

• Do you have a web portal to see order history, administer users, and see reports?

  Yes.

• Do we get charged based on the successful vendor?

  Yes, the cost for the verification is based on the successful vendor.

• Can I manage user permissions by rule or user?

  Yes, user permissions can be enabled at the Role and User level.

• Can I set up the platform to prevent unnecessary orders?

  Yes, the Verification Platform will prompt users if there is an existing waterfall report.

  Also, the Company Admin or IR has the option to configure a Role and User level with restrictions to prevent new verification and reverification reports from being ordered if there is an existing successful report.

• Will we get an invoice from each service provider?

  No, Informative Research will include orders from all service providers in a single monthly invoice.

• an I access billing details online?

  Yes, the Verification Platform supports two forms of online billing

  • Billing for VW order only
    • This provides only the billing details associated to the selected VW order number
  • Billing based on Loan Number
    • This provides all billing details associated to the Loan Number

• This is the accordion title

  Lorem ipsum dolor amet aesthetic photo booth activated charcoal occupy iPhone schlitz squid. Everyday carry 3 wolf moon raw denim semiotics pok pok tattooed readymade bushwick. Humblebrag skateboard green juice mixtape polaroid ethical, messenger bag pitchfork sriracha hammock. Fam twee 3 wolf moon, authentic woke stumptown bespoke.

• How do I request a verification?

  To order a verification report using the Verification Platform

  1. Log in to VW hub
  2. Select the Verification Waterfall tile
  3. Select the Waterfall setup to use for the order
     1. The default Waterfall option is automatically selected based on the user’s permissions
  4. Enter the consumer details
     1. If you use credit services with IR, you can import the consumers data
  5. Click the Order button
     1. The system will automatically send the verification request to the first provider based on the Client ID settings and will waterfall through each provider as needed to fulfill the order or until all providers for the selected waterfall have been exhausted

• What is the turn time?

  Turn times will vary based on the providers that you have in your waterfall setup.

• Is your service accepted by any investor rep and warrant relief programs?

  Any provider that IR is integrated with that is currently accepted by the GSEs rep and warrant relief programs will automatically be accepted by the GSEs.

Direct Integrations

• How much development is involved in getting set up with the Verification Waterfall?

  This will vary based on the providers that you would like to include in your waterfall setups.  Regardless of the provider, you will still develop to the Universal Request and Universal Response, however if you opt to include an asynchronous provider you will also need to develop a method for querying the status and results for this provider as it will not be returned as part of the initial response.

  If you would like to discuss in depth development and what is involved, please reach out to integrations@informativeresearch.com

   

• How is the data formatted?

  IR uses a standardized Universal Request and Universal Response that is in a JSON format.  This allows our clients to develop once to the Universal Request and Universal Response and behind the scenes IR will transform the data based on the providers required format for each step of the waterfall.

• How are the reports delivered?

  We deliver the reports in JSON and PDF format.

• Do we have to make development changes when you add a new vendor to the Verifications Platform?

  No, this is one of the benefits of having a Universal Request and Universal Response.  We have added all fields that would be needed for any providers and will only pull the data from the Universal Request that is needed for each step of the waterfall.

• Can we create multiple verification strategies?

  Yes, our lenders have become extremely creative in the various waterfalls.

  Some examples might be:

  1. Lender wants to have a manual waterfall setup, but only allow certain users to access that waterfall
  2. Lender wants to limit a provider as part of a waterfall setup, but allow certain users to submit an order for this provider