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Streamline Your Mortgage Office

Automating the Mortgage Document Collection Process

Fast, pain-free, mortgage document collection

mortgage document collection automation

Streamlining the lending process by automating the mortgage document collection process is a technological breakthrough that more and more borrowers are looking for when they choose their lender. Nonbanks like Quicken Loans (Rocket Mortgage) have already begun capitalizing on the efficiencies and loan file accuracy that these automations provide.

Even Guaranteed Rate, a traditional lender, has really separated themselves and seen their loan volumes soar by embracing and marketing their technology systems.

To help our customers stay competitive with the "Digital Mortgage", we are continuing to build out these data aggregation systems and make them better and more accessible. Floify customers are already using automated asset verification to pull a report directly from a borrower's bank or financial institution with transaction history, deposits and assets.

Now, we are excited to announce that we've integrated with Veri-Tax to automate the retrieval of the tax documents from the IRS that are needed to verify a borrower's income.

Take days off your lending process

Automated income, asset and deposit verification

Automated verification of deposits and assets

floify asset verification retrieves your borrowers data directly from their bank or financial institution

Floify's automated asset verification feature allows borrowers to authorize a direct pull of their financial information from their bank or institution. Once the borrower enters their online banking credentials, Floify will bring back a report of all of the accounts at the borrower's institution: checking, savings, lines of credit, and more!

  • Connected to 15,000 of the top US financial institutions by the end of 2016.
  • Full transaction history including deposits.
  • Choose to get account history for the most recent 30 – 180 days.
  • Refresh history for when conditions require updated info.
  • Checking, savings, lines of credit, investment assets.
floify pulls a report from the borrowers institution that shows full account history for a selected time frame

No more chasing that last page or worrying about incomplete information. Shave valuable time off the mortgage document collection process, and deliver the most accurate loan file possible to your underwriters.

Speed up the return of IRS tax documentation

Get borrower tax information, like a 1040 or W2, easily with automated income verification

In order to verify that your borrower truly has the necessary income for their loan, underwriters require accurate tax information from the IRS.  To facilitate this, a loan officer or coordinator would ask the borrower to sign a 4506-T form that gives the lender permission to get a tax transcript directly from the IRS.

While there is no charge for your lender to request these transcripts from the IRS, it can take several days to weeks to get the transcripts mailed back to the lender. Through our integration with Veri-Tax, we​ are able to speed this up and shave days off the process. The steps are:

  • Lender adds an income verification request to a loan flow. A pre-filled 4506-T will be attached to the request.
  • Borrower download and signs the 4506-T, then uploads it to Floify's yellow bucket.
  • Lender reviews the 4506-T in Floify and if properly completed, accepts doc.
  • Floify submits the request to the IRS via Veri-Tax integration and returns tax transcripts in about 3 business days.
first page of a sample IRS tax transcript that would be returned by the Floify Veri-Tax integration

The great part of the income verification integration is that not only can lenders save time, but the loan file and all of it's corresponding documents stay well organized within Floify. This lets lenders, borrowers, and other loan stakeholders know exactly where the loan is in the process, and exactly when the tax transcripts have been returned.

As the mortgage origination landscape continues to shift towards more automated processes, these direct integrations will give Floify customers the ability to stay relevant, competitive, and cutting-edge for their borrowers. In turn, the efficiency and accuracy of these technologies will improve the integrity of the loan file and reduce the overall risk to mortgage companies.