FundMore, a mortgage underwriting software, announced a partnership with end-to-end digital verification analytics platform VeriFast, aimed at increasing security against mortgage fraud.
This partnership introduces a new layer of security for lenders using the FundMore platform to originate mortgage loans. With the new VeriFast functionality, lenders can instantly verify applicants’ digital ID, financials, and ability to service loans without leaving the FundMore platform. This gives them the ability to effortlessly identify fraud at the initial application stage, and reduce human error and poor-quality loans.
VeriFast has also recently implemented OCR for bank statement and paystub upload as a waterfall to ensure all applicants can verify their financials. And FundMore’s loan origination system utilizes machine learning to streamline funding, reduce risk, improve efficiency through analytics, and greatly improve the success and speed of the underwriting process.