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9 October 2024 October 2024 » M T E C H convenient, and error-free digital closing every time, which is why the company is the market leader," said Dennis Wall, CEO of BillingPlatform. "Snapdocs also highlights the importance of our platform and the ability to support their existing business as well as new products." POINT PREDICTIVE LAUNCHES IEVALIDATE TOOL P oint Predictive announced the launch of IEValidate, a tool enabling companies to reduce the use of paystubs and costly database checks with a more accurate and cost-ef- fective approach. IEValidate offers lenders a fric- tionless and reliable way to validate an applicant's income, occupation, and employment through an API using as lit- tle as one field of information about the borrower—the Social Security number. IEValidate provides a comprehensive validated income and employment report for each matched borrower in less than 500 milliseconds. Lenders can use this report instead of paystubs and as an alternative to costly database checks. The solution solves many of the criti- cal pain points lenders grapple with when verifying a borrower's income and employ- ment: the low hit rates of existing methods, the high cost of database checks, and the enormous friction placed on borrowers by requests for paystubs or bank statements. "IEValidate represents a transfor- mation in the way companies will verify income and employment for borrowers," says Tim Grace, CEO of Point Predictive. "Paystubs are an outdated approach to verifying a borrower's income because they put too much friction in the lending process, and forgeries are commonplace. Bank statement requests are met with significant consumer resistance and even then, can only be used to estimate income using standard, error-prone formulas. Existing employer-contributed database checks, while frictionless, have fraudulent employers contributing data, are often out of date, and are expensive to use in an automated way on all applications." The solution is designed to work across any sector that requires income and employment verification, including credit cards, rental applications, con- sumer lending, auto lending, mortgage lending, and account origination. "With our solution, companies can eliminate or replace those methods with a simple, frictionless, validated income and employment report for up to 80% of their borrowers—provided in less than a second and at a fraction of the cost of their current solutions," Grace said. HOMELIGHT LAUNCHES NEW AI- POWERED PRODUCT FOR LENDERS AND AGENTS I n order to promote the growth of its flagship financial product—Buy Before You Sell—to lenders and agents in 40 additional states, HomeLight announced the addition of $20 million in investment. Zeev Ventures led the Series D expansion, and Stereo Capital and Menlo Ventures were among the participants. HomeLight Buy Before You Sell is de- signed to solve a significant problem that millions of homebuyers face: needing to sell their existing home in order to buy their new one. Buy Before You Sell uses AI technology to allow these individuals to unlock up to 70% of the equity from their existing home and begin making offers the same day. "The contingent nature of home- "The mortgage closing process can be long, stressful, and still mostly manual. Snapdocs automates the interactions between lenders and title companies with a unified platform that simplifies the process from beginning to end." —Jason Anderson, Head of Finance, Snapdocs