Press Releases & White Papers

Lenders generate productivity gains including completing 95% of Electronic VOEs within one day and saves $10-$20 per loan

Milford, Pa., January 4, 2017--Advanced Data Corporation, a mortgage industry leader in enterprise-wide fraud prevention and enhanced verifications, has announced that its proprietary eDocument solution for the Verification of Employment (Form 1005) or eVOE™, is returning 95% of the VOEs within one day. The remaining 5% of eVOES are completed within a couple days. eVOE™ empowers employers to sign and complete a VOE electronically with unrivalled accuracy that eliminates the need for lenders to follow-up with calls and emails because of missing or inaccurate data.

Advanced Data’s eVOE™ was developed because research the firm conducted showed that more than 30% of VOEs are returned to the lender with errors, such as illegible signatures, missing data, or they were filled out incorrectly, which unnecessarily delayed the origination process. Lenders save an average of 20 minutes per loan because they almost never need to make a follow-up call or send emails because the work is completed on-time. Lenders that use Advanced Data’s save more than $10 per verbal VOE and more than $20 for each written VOE.

“Many clients have pointed out that the performance of our eVOE™ is so outstanding, it eliminates the need to ask employers for more information, clarifications or to correct mistakes, and we take great pride in that,” said Allen Johnson, CEO of Advanced Data Corporation. “Lenders find it exceptional that they no longer have to invest resources finding out why their VOEs have not been completed because we complete 99.999% of our orders, securely and accurately. Our goal is to allow lenders to focus on originating loans and significantly cut costs.”

The traditional VOE request sent by fax or email was a casualty of spam filters or simply getting lost in the piles of paper in a busy HR department. In contrast, eVOE™ eliminates the costs and time required to print or scan the VOE, which improves efficiency, eliminates unnecessary manual processes and improves the security of a borrower’s personal financial data. The result is that turnaround times and accuracy increase and lenders can complete more VOEs in the same amount of time.

About Advanced Data

Advanced Data is recognized as the standard for enterprise-wide mortgage data integrity, specializing in fraud prevention and enhanced verifications. Its proprietary technology is integrated with loan origination systems, and the firm offers a SaaS platform for clients that prefer a custom solution. Its services include eSign 4506-C, streamlined verifications and re-verifications of employment, fraud reports, multiple levels of social security number verifications, AVM plus property inspection, and flood zone determinations. Advanced Data’s proprietary Fraud Report identifies each loan’s fraud risk before and after funding. The firm prides itself on delivering superb customer service, hiring experienced employees, and developing customized, sophisticated technology. It’s one of the only firms in its sector to employ an in-house development group, which ensures its technology provides a competitive advantage to clients and can be customized to their needs. For more information, visit advanceddata.com.

Press Contacts:

Matt Strickberger
OnPoint PR and Consulting LLC
908-967-9964
mstrickberger@onpoint-pr.com

Annette Noonan
Compliance and Verification Division
Advanced Data
800-537-0458
anoonan@advanceddata.com