Frequently Asked Questions

• What is a Verification Platform, and what does it do?

  The Verification Platform is a service that leverages API technology to orchestrate, source and deliver key borrower data like income, employment and assets.  It is a rules-based technology platform that automates employment, income and consumer-permissioned data through custom-built workflows. 

• What is a "Verfications Waterfall"?

  A Verification Waterfall is a pre-defined approach to sequencing orders for verifications.  After users create a verification order, our system will automatically start with the first defined vendor and will continue to the next vendor until a successful response has been received or all vendors are for the selected Verification Waterfall are exhausted. 

• What if a verification source doesn't return data - do I pay anyway?

  No.  You only pay when a verification is successfully completed.  If a source doesn't return data and the system moves to the next option, you're only charged for the one that delivers results.

• Can I configure the order in which verification sources are used?

  Yes. The workflows are fully configurable.  You can prioritize instant data, require user permission options, or even go straight to manual verification depending on your verification strategy.  Additionally,  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.

• What verifications can I complete on the platform?

  You can verify income, employment and assets.  Each can be completed independently or combined in a single workflow.  The sources of data are: 

  1. Consumer-Permissioned Payroll
  2. Banking and financial data
  3. Instant Employment & Income Databases
  4. Manual (researched) Verifications
  5. IRS Tax data

   

• Do I need a separate contract with each verification provider?

  No.  You only need one contract - with Informative Research.  We handle all the relationships with the underlying verification providers so you don't have to.  That means less paperwork, fewer vendors to manage, and a faster path to implementation.

• How fast can I get up and running?

  Most lenders can get started in as little as a few weeks.

• How do we get set up on the Verification Platform?

  After agreeing to terms your Customer Success Manager will work closely with you to define the providers and products for each step of each waterfall (you can have more than one).  They will train your team and work closely with you to Go Live on the platform.

• Do I need multiple integrations to use different verification data sources?

  Nope.  You only need a single integration to our platform. From there, you can access multiple verification sources through one workflow, saving your team time and IT resources. 

• Can I manage user permissions by rule or user?

  Yes, the Company Admin or IR must first enable this feature at the Role level but it can also be configured at a User level.  Our clients like this feature because it gives them more control over their verification process.

• What kind of support do you offer is something goes wrong?

  Our U.S. based support team is available via phone, email and live chat. We also offer real-time order tracking, reporting dashboards, and a dedicated client success team to keep everything running smoothly.

• What is the turn time on a verification order?

  Turn times will vary based on the providers that you have in your waterfall setup.  It could be as little as a few seconds or as long as a few days to complete your order.

• 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

• What data is returned on an order?

  The IR Summary Report is a standardized report that contains the following information (and more):

  • 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)

• How is the data formatted?

  We use a standard data format that stays the same no matter which verification source is used.  That means your team only needs to integrate once, and we handle all the behind the scenes formatting required by each provider in the workflow. 

• Can I set up the Verification Platform to prevent unnecessary orders?

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

• Do we receive separate invoices from each of the providers?

  No, you receive a single billing report from IR.

• Is your platform approved by Fannie Mae and Freddie Mac?

  Yes. Provider reports that are approved for use with Fannie Mae’s DU® and Freddie Mac’s LPA℠ programs can be delivered through our verification platform.

• How accurate is the verification data?

  The data we use comes directly from source systems like bureau data bases, payroll providers and financial institutions. The data is not altered in any way.

• Can I use the platform for re-verification later in the loan process?

  Yes.  Our platform supports initial and trailing verifications.