Online Verification of Employment Made possible by eSignature Technology
eVOE enables employers to sign and complete a 1005 form electronically, entirely online through our secure eDocument Solutions portal, a first for the mortgage industry. Our users experience significantly shorter turnaround times, reduced costs, and accuracy is increased.
More than 30% of VOEs are returned with inaccurate or missing data that the lender is responsible for correcting or for making a second attempt to 4 collect. That takes time, slows the origination process, and increases costs.
To eliminate those challenges, Advanced Data created our eDocument Solutions that generate the following benefits to clients:
- Lenders are not exposed to the risks inherent in transmitting personal financial data through e-mail or a fax machine.
- Lenders are able to complete more VOEs because the forms are returned without errors or missing required data.
- The technology is configured so that VOEs cannot be returned to the lender until they are 100% completed.
- The possibility of illegible handwriting is eliminated.
- Lenders will never have to go back to the employer for more information or to correct a mistake.
How it Works
- Order VOE through any compatible LOS or through the Advanced Data website. There are no additional requirements to use eVOE.
- The Advanced Data VOE team contacts the employer and sends them a secure link to access the eVOE portal.
- The employer completes the entire VOE process online - including entering income information and signing electronically.
- The completed report is retrieved through your LOS or through the Advanced Data website.