Transforming Loan Processing: How V.I.P. Mortgage Reduced Costs And Boosted Speed With Accountchek®

About V.I.P. Mortgage

V.I.P. Mortgage, Inc. (V.I.P. Mortgage), a mid-sized I.M.B. based in Scottsdale, Ariz., leveraged AccountChek® by Informative Research’s integration with Floify's point-of-sale system to streamline their loan origination process. The integration provided electronic verification of assets, income and employment, making the process more efficient and improving both the borrower experience and internal workflows. 

The company has consistently prioritized adopting technologies that enhance borrower experiences and internal workflows, with a strong focus on improving customer service at every loan process step. This forward-thinking approach has made V.I.P. Mortgage a leader in using technology to deliver better outcomes, both for its clients and its team.

The Challenge

V.I.P. Mortgage faced several challenges with its manual verification process. Verifying borrowers' assets, income and employment required loan officers to collect and process bank statements, pay stubs and other documentation, leading to delays in the loan approval timeline. This time-consuming manual process also opened the door for potential errors, frustrating borrowers and requiring additional follow-up efforts.  

Borrowers often hesitated to engage with the manual process due to its complexity and concerns about privacy when sharing sensitive financial information. As a result, loan cycles were prolonged, leaving V.I.P. Mortgage at a competitive disadvantage in an industry where speed and efficiency are critical.

The Solution

To address these issues, V.I.P. Mortgage integrated its point-of-sale system with Informative Research's AccountChek, which automates the verification of assets, income and employment. This native integration embedded verification requests directly into the loan application process, allowing borrowers to link their financial accounts easily.

"Our focus has always been on delivering top-notch customer service—both for our clients and our internal teams," Mike Metz, Chief Operating Officer at V.I.P. Mortgage, explains. "The integration with AccountChek provides a seamless, customized experience, helping borrowers feel confident. It also reduces the workload for our staff, giving them more time to focus on providing high-quality service."

The integration allowed V.I.P. Mortgage to offer borrowers a streamlined, digital experience while reducing the manual workload for loan officers. Borrowers could now submit financial data electronically, reducing the need for paper documents and speeding up the approval process.

Results

The AccountChek integration results were immediate and impactful, delivering improvements across multiple facets of V.I.P. Mortgage's operations. One of the most significant benefits was the enhancement of borrower engagement. By embedding the asset, income and employment verification process directly into the loan application, V.I.P. Mortgage made it easier for borrowers to comply with documentation requests

Customized messaging within the integration with point of sale was instrumental in educating borrowers about the safety and benefits of linking their financial accounts. This transparency and the straightforward digital process reduced borrower hesitation and increased the adoption of automated verification.

"It's important to help borrowers understand why we're requesting their financial information and how it speeds up the loan process," said Metz. "Once they see the benefits, they're much more willing to engage."

Cost savings were another significant outcome of the integration. AccountChek's all-in-one report, which covers assets, income and employment, significantly reduced V.I.P. Mortgage's verification expenses. By streamlining what used to be a multi-step process, V.I.P. Mortgage cut verification costs by 75% on approximately 15% of its loans. The tool's affordability, compared to traditional methods, made a substantial impact on its operational expenses.

The most dramatic benefit was the acceleration of loan processing. The integration allowed V.I.P. Mortgage to verify borrower financial data within minutes rather than days, drastically reducing the time from application to approval. This quick turnaround enabled the company to offer more competitive and responsive services in a fast-paced market. The faster processing improved efficiency and enhanced the overall borrower experience, positioning V.I.P. Mortgage as a strong contender in the marketplace.

The impact on internal workflows was equally transformative. The integration between point of sale, AccountChek and V.I.P. Mortgage's loan origination system (LOS) streamlined the verification process, reducing manual intervention. This automation freed loan officers from tedious administrative tasks, allowing them to focus more on customer service. This shift in workflow efficiency improved employee satisfaction and allowed the team to dedicate more time to building relationships with clients.

Another important outcome was the improvement in loan quality and compliance. AccountChek's comprehensive reports ensured that V.I.P. Mortgage was working with the most accurate and up-to-date information, minimizing the likelihood of errors that could slow down the loan process. The thoroughness of the reports also helped maintain compliance with Fannie Mae and Freddie Mac guidelines, particularly concerning Day 1 Certainty® and the Asset and Income Modeler (AIM). This compliance gave V.I.P. Mortgage added confidence that they met industry standards while speeding up the verification process.

Additionally, the flexibility and customization offered by the AccountChek integration allowed V.I.P. Mortgage to tailor the system to fit its specific loan production workflows. This adaptability ensured that the integration enhanced operations without disrupting established processes. 

"The integration allowed us to build the verification process into our existing systems without disrupting the loan origination process. This level of customization was crucial to our success," Metz noted.

Customer service and support from Informative Research were also crucial to the integration's success. Informative Research's responsiveness and customer-focused approach ensured that any challenges were quickly addressed, allowing V.I.P. Mortgage to implement the integration smoothly and confidently. The strong partnership between the two companies helped ensure that V.I.P. Mortgage had the support it needed at every step.

Best Practices And Lessons Learned

One of the critical lessons V.I.P. Mortgage learned through this integration was the importance of clear communication and thorough education for staff and borrowers. By ensuring that everyone understood how automated verification could streamline the loan process, the company was able to alleviate concerns and increase adoption. This educational approach helped borrowers feel more comfortable sharing their financial information and allowed staff to explain the new system's benefits better.

V.I.P. also learned the value of open communication with all stakeholders. Metz emphasized the importance of having candid conversations with loan officers, borrowers, and other team members about the benefits and challenges of automated verification. "Sometimes people have misconceptions about what automated verification involves, so it's important to talk them through the process and address any concerns upfront," Metz said.

Conclusion

Integrating AccountChek with point of sale has been transformative for V.I.P. Mortgage, delivering tangible benefits regarding cost savings, operational efficiency, and borrower satisfaction. By automating asset, income, and employment verification, V.I.P. Mortgage has positioned itself as a leader in the mortgage industry, offering faster, more efficient loan processing and improving the overall borrower experience.

AccountChek has proven to be a highly beneficial tool for V.I.P. Mortgage, delivering positive outcomes for borrowers, staff and the overall business. Moving forward, the company is eager to continue building on the success of this technology-driven solution.

About Informative Research 

Informative Research, a Stewart company, is a leading technology platform that delivers data-driven solutions to the lending community. The solutions provider currently serves mortgage companies, banks, and lenders throughout the United States. The company is recognized for streamlining the loan process with its straightforward service model, progressive solutions, and cutting-edge technology. Informative Research's four key pillars are: Customer Acquisition, Risk and Retention, Upsell/Cross-sell and Custom Data Analytics, which underscores their commitment to excellence and leadership in the data solution space. To learn more, visit https://www.informativeresearch.com.