FAQs About Verification of Employment & Income

To obtain additional information visit the Verification of Employment and Income (VOE/I) product page.

VOE/I is an automated employment and income verification solution designed to simplify and streamline the borrower verification process for lenders, brokers, and borrowers.

AutomatIQ® Borrower VOE/I automates employment and income verification through various methods, including direct payroll verification, third-party providers, and manual verification when requested. The solution offers real-time verification updates, customizable options, and extensive coverage.

VOE/I offers multiple verification options designed to improve coverage and help you complete more verifications faster, with greater confidence.

• Borrower Assisted Verification

• Experian Verify™

• The Work Number (TWN)

• Manual Verification

For details on each option, see the Verification Service Options for Your Order article.

Borrower Assisted Payroll verification allows you to provide a link to your borrower(s) or embed the verification page into your process. The borrower then enters their payroll credentials directly to authorize employment and income verification.

The solution provides flexibility by allowing administrators to configure the amount of time (in hours) the system waits for borrower action before automatically advancing to the next step in the verification process. This setting applies to all verification methods except Manual Verification.

AutomatIQ® Borrower VOE/I is customizable to meet specific verification needs based on price, speed, and coverage. It can also be easily integrated into existing workflows and adapted to fit individual preferences.

AutomatIQ® Borrower VOE/I is designed with data accuracy and security in mind. Sensitive information is protected through robust security measures, and verification results are matched to the requested borrower to help ensure accurate reporting. The exception is SSN Only verification, which relies solely on the Social Security number provided.

AutomatIQ® Borrower VOE/I can be used for remote or work-from-home employees. Our solution is designed to extract employment and income information from employer databases, regardless of the employee's location. This ensures accuracy and efficiency in verifying remote or work-from-home employees' employment and income details.

If a borrower's employer does not participate in the borrower-assisted verification databases we use, AutomatIQ® Borrower VOE/I has a broad network of alternate data sources, including manual, thus ensuring we still provide a comprehensive and accurate employment and income verification.

Turnaround times vary by verification method. For Borrower Assisted Payroll, the amount of time the system waits for borrower action before advancing to the next step is determined by your organization's configured SLA settings. Experian Verify™ (XPN) and The Work Number® (TWN) verifications are returned instantly. Manual Verification of Employment (VOE) has a service-level agreement (SLA) of 3 business days, while Manual Verification of Employment and Income (VOE/I) has an SLA of 5 business days.

Although multiple industries require a VOE/I, our solution is tailored for the mortgage lenders and brokers. It is currently not used in any other industry.

Our solution is versatile and can be tailored to your business needs. Whether it's deciding which verification method to prioritize or setting up specific waterfall steps, you have the flexibility to define your verification process.

AutomatIQ® Borrower VOE/I maintains a secure record of completed verifications, allowing you to review previous verification results as needed. This can be helpful for audit and compliance purposes. Verification records are retained for up to three years.

AutomatIQ® Borrower VOE/I offers advanced technology, comprehensive coverage, seamless integration, and customizable options. Our top priority is data security, and we aim to provide fast, reliable services that lower costs, improve efficiency, and promote better user experiences.

AutomatIQ® Borrower VOE/I automates the record-keeping process, providing transparent, comprehensive, and traceable audit trails. Clear documentation assists in maintaining compliance with regulatory requirements, reducing risk, and ensuring accountability.

AutomatIQ® Borrower VOE/I is scalable and designed to handle large volumes of verification requests efficiently. Our solution delivers accurate and timely verification regardless of your company size or demand.

AutomatIQ® Borrower VOE/I data is updated regularly, ensuring that you have access to the most reliable and current information. The frequency of updates can vary depending on the data source.

The protection of sensitive data is our top priority. AutomatIQ® Borrower VOE/I adheres to industry-standard data encryption and access security protocols. Confidential information is protected at each stage of the verification process to ensure data privacy.

Our solution can verify employment and income from multiple employers or income sources. This is vital for borrowers with several part-time jobs or a combination of employment and self-employment income.

AutomatIQ® Borrower VOE/I helps you streamline employment and income verification by automating time-consuming tasks, reducing manual effort, and minimizing errors. This allows you to improve efficiency, strengthen compliance, and make more confident lending decisions.

Yes. You can configure how many days before the link to the borrower expires.

The Work Number (TWN) is an instant verification product provided by Equifax. It has been around since 1985 and has exclusivity with some employers. The Work Number allows verification through their system, as well as through ADP and other providers.

Cotality works with reputable data sources and maintains data accuracy through continuous data validation processes. The verification options, such as Experian Verify and The Work Number (TWN), rely on trusted databases and employ sophisticated algorithms to ensure reliable and accurate results.

AutomatIQ® Borrower VOE/I includes several features designed to improve efficiency and enhance the borrower experience:

• Duplicate Check: Prevents duplicate orders by rejecting orders that match an existing order submitted within a configurable timeframe. The default duplicate check period is 24 hours but can be customized to meet your organization's needs.

• Bureau Response Reuse: If a verification response already exists for the same borrower, loan, and day, the system can reuse the existing response instead of generating a new request.

• Customizable Borrower Assisted Payroll Experience: Personalize Borrower Assisted Payroll emails with your organization's branding and educational video content to help reduce borrower confusion and improve completion rates.

Yes. AutomatIQ® Borrower VOE/I integrates with leading loan origination systems such as Encompass, Empower, and Mortgage Cadence. This allows you to work within your existing tools and processes, so you can order and manage verifications without leaving your workflow.

VOE/I has D1C and AIM through both approved vendors, Experian Verify, The Work Number (TWN) and Borrower Assisted.