Re-Verification of Employment
SHORTER TURNAROUND TIMES, IMPROVED ACCURACY, AND GREATER EFFICIENCY.
The Advanced Data Difference
Recognized industry leader in providing Verification of Employment.
- Lenders rely on Advanced Data to prevent high-risk loans from closing.
- Clients gain access to a dedicated, experience customer service team.
- From 0.5% to 4% of borrowers were unemployed within a week of their mortgage closings, according to Advanced Data’s AD-JBI.
WHAT IS THE ADVANCED DATA- JOBLESS BORROWER INDEX (AD-JBI)?
The percent of borrowers who were employed at the time of initial verification but were no longer employed on re-verification. To receive the index, sign up at advanceddata.com/adjbi
We have earned a reputation for our ability to help lenders and business partners identify and red flag loans in which the borrower has become unemployed since the VOE was run. That helps prevent high- risk loans from closing—and does so in a manner that ensures clients are compliant with all state and federal regulations.
Lenders recognize that to comply with the Consumer Financial Protection Bureau, they need to re-verify the borrower’s employment status. Otherwise, they risk regulatory penalties, dinged reputations, and expensive buy-backs.
But there is another reason that lenders are adding Re-Verification of Employment to their origination processes: It makes good business sense. That’s because between 0.5% to 4% of borrowers were unemployed within a week of their mortgage closings, according to Advanced Data-Jobless Borrower Index (AD-JBI).
We are committed to creating sophisticated tools that ensure lenders understand the risk they are exposed to and that help prevent high-risk loans from being originated or sold off to the secondary market.