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51 May 2025 May 2025 » F E A T U R E take this a step further by triggering ver- ifications based on certain loan condi- tions. This helps lenders avoid ordering services they don't need, while ensuring that required verifications happen with- out delays. The borrower experience improves, and so does efficiency on the lender's side. Today's innovative solutions also deliver long-term, organization-wide benefits. Servicing teams, for exam- ple, can benefit from having validated income documentation on file when a borrower requests a loan modification. Modern income verifications can reduce rework, speed up loss mitigation, and support better outcomes for both the lender and the borrower. Going About It the Right Way O f course, technology alone will not solve income verification challeng- es. It must be implemented in a way that fits into existing workflows and supports the people who use it every day. That starts with making sure new tools work inside the systems lenders already rely on, like their LOS or POS. If a verifica- tion product cannot integrate with a lender's technology stack, it will likely cause more problems than it solves. Another best practice is aligning the technology with existing processes. Lenders do not need to change how they do everything overnight. Many verifica- tion tools can be phased in, starting with high-risk loan types or borrowers with complex income, which allows teams to learn and adjust without disrupting production. It also gives processors and underwriters a chance to see how much time they save when data comes in already verified and formatted for easy review. For the technology to deliver real value, staff needs clear instructions on how to use it. That includes knowing when to trigger a verification request, how to interpret the results, and what to do if a borrower declines to give permis- sion. Good training helps teams avoid delays and ensures the lender gets the full benefit of automation. Operationalizing verification tools the right way also means tracking per- formance. Lenders should look at how often verifications succeed on the first attempt, how long they take, and wheth- er they are reducing errors or creating more work. This data can help lenders refine their approach and make better decisions about when and how to use each tool. The right tools, paired with the right processes, help teams move faster and with greater confidence. The Time Is Now T he bottom line is that the way Americans earn is shifting, and while this presents new challenges for lenders, it also creates an amazing opportunity. Verifying income no longer has to be a slow or uncertain process. With better tools and smarter workflows, lenders can get a clear and complete picture of a borrower's financial situation without adding friction. Access to real-time data, flexible technology, and permissioned systems makes it possible to verify income more quickly, more accurately, and with fewer manual steps. Adapting does not have to mean overhauling everything, and there's no single playbook for how to modernize income verifications. But there are more tools and partners than ever to help lenders figure out what works best. One thing is certain—lenders who adapt quickly will be best positioned to serve today's borrowers—and win tomorrow's market. Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS JULY 2024 Magazine White House Main Street America TO FROM THE As the November elections near, what ripple effects will the next Administration have on the housing industry? MortgagePoint gathered a panel of experts to dig deeper into the impact of the Presidential Elections and potential changes in the White House. Subscribe to MortgagePoint and MortgagePoint Digital now! Visit themortgagepoint.com/mp-access to take advantage of our special offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? FEATURE STORY THE BEST SOLUTION IS NOT ALWAYS THE SHINY NEW TOY While it can be debated as to how much default and foreclosure activity lies ahead, default servicers must carefully examine their tech systems to keep ahead of the curve. FEATURE STORY DRIVING GROWTH: LEVERAGING HOME EQUITY TO EXPAND LOAN OFFICER OPPORTUNITIES In a tight market, LOs seeking to diversify their offerings are turning to home equity products to expand their role and become a financial guide for life. COUNSEL'S CORNER FACING THE FORECLOSURE AND BANKRUPTCY CHALLENGES OF TODAY Robert S. Kahane, a foreclosure and bankruptcy attorney with more than 30 years under his belt, discusses current compliance issues related to loan servicing process enhancements. EXPERT INSIGHTS TONY JULIANELLE, CEO OF REAL ATLAS ESTATE discusses current market trends and the forces that will shape the landscape in the industry. ALSO IN THIS ISSUE: Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS AUGUST 2024 Magazine The Burden of Proof MortgagePoint profiles Bron, Inc., a company that has carved out a unique niche with a focus on crucial but often-overlooked tasks such as managing registrations, utilities, and HOA verifications. TO YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS OCTOBER 2024 Magazine The Industry Leaves Its Mark at Five Star Conference Exclusive coverage from this year's Five Star Conference, including profiles of the Lifetime Achievement honoree, the Women in Housing Leadership Award recipients, and more. THE 2024 FIVE STAR CONFERENCE & EXPO SEPTEMBER 24-26, 2024 DALLAS, TEXAS