PRESS RELEASE: Floify Launches Floify Verify, a Native Verification of Income and Employment Service

BOULDER, CO – October 10, 2024 – Floify, the mortgage industry's leading point-of-sale (POS) solution, today announced the availability of Floify Verify, a native electronic verification of income and employment (VOIE) service powered by Argyle. Designed to streamline the mortgage origination process, Floify Verify allows lenders and brokers to verify income and employment at a cost-effective price point without the hassle of managing additional third-party vendors.

Floify Verify’s native functionality allows lenders to prioritize their business objectives, whether it's accelerating loan processing or optimizing cost savings. Lenders focused on speed can embed Floify Verify directly into the loan application process to reduce delays and expedite loan approval. Alternatively, lenders aiming to manage costs can configure Floify Verify to be initiated by loan teams later in the process, such as after a financial pre-screening, enabling them to balance efficiency, cost control and the borrower’s experience.

Reports generated by Floify Verify have the potential to receive representations and warranties relief on eligible loan components from both Fannie Mae and Freddie Mac. This is because Argyle, which powers Floify Verify, is an authorized report supplier to both Fannie Mae’s Desktop Underwriter® (DU®) validation service and Freddie Mac’s Loan Product Advisor® (LPA℠) asset and income modeler (AIM).

“VOIE has been a pain point for many of our customers, with legacy verification methods achieving low success rates at a high price point. These methods are ill-suited to today's workforce and too expensive at a time when origination costs have risen to untenable levels,” said Sofia Rossato, Floify’s president and general manager. “In response, we’ve partnered with Argyle to offer an elegant and cost-effective way for lenders to verify income and employment in the Floify environment without the hassle of managing additional vendors.”

With Floify Verify, lenders can view borrower-permissioned records, such as pay stubs and W-2s, at 60–80% less cost than legacy providers and manual verification methods. Additionally, the solution supports on-demand reverification—such as the 10-day pre-closing verification required for agency loans—at no additional cost.

“Argyle is proud to extend a modern verification experience to more borrowers and originators through our collaboration with Floify,” said Shmulik Fishman, founder and CEO of Argyle. “Floify Verify, powered by Argyle, equips lenders with a faster, more efficient way to handle VOIE, shaving up to a week off closing times and dramatically cutting costs—all while reducing the risk of loan buybacks.”

About Argyle:

Founded in 2018, Argyle is backed by top investors, including Bain Capital Ventures, SignalFire, Checkr and Rockefeller Asset Management. Argyle is the leading provider of direct-source access to real-time income and employment data. With Argyle, companies automate critical workflows—including income and employment verifications, deposit switches, wage advances and loan repayments—so they can build better, more efficient processes, reduce risk and scale their businesses. Argyle serves the mortgage, background check, personal lending and banking industries as well as the gig economy. For more information on Argyle’s industry-leading platform, please visit https://argyle.com/.

About Floify:

Floify is a digital mortgage automation solution that streamlines the loan process by providing a secure application, communication, and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Loan originators use the platform to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents, and close loans faster. The company is based in Boulder, Colorado and is a subsidiary of Porch Group, Inc. ("Porch Group”) (NASDAQ: PRCH). For more information, visit the company’s website at floify.com or on social media at Facebook, LinkedIn, or Twitter / X.

Forward-Looking Statements:

Certain statements in this release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.   Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or similar expressions.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain.  Factors that may cause actual results to differ materially from current expectations include, but are not limited to:  (1) expansion plans and opportunities, and managing growth, to build a consumer brand; (2) the incidence, frequency, and severity of weather events, extensive wildfires, and other catastrophes; (3) economic conditions, especially those affecting the housing, insurance, and financial markets; (4) expectations regarding revenue, cost of revenue, operating expenses, and the ability to achieve and maintain future profitability; (5) existing and developing federal and state laws and regulations, including with respect to insurance, warranty, privacy, information security, data protection and taxation, and management’s interpretation of and compliance with such laws and regulations; (6) the Company’s reinsurance program, which includes the use of a captive reinsurer, the success of which is dependent on a number of factors outside management’s control, along with reliance on reinsurance to protect us against loss; (7) uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, acquisitions of businesses or strategic initiatives, including the reciprocal restructuring, and other matters within the purview of insurance regulators; (8) reliance on strategic, proprietary relationships to provide the Company with access to personal data and product information, and the ability to use such data and information to increase transaction volume and attract and retain customers; (9) the ability to develop new, or enhance existing, products, services, and features and bring them to market in a timely manner; (10) changes in capital requirements, and the ability to access capital when needed to provide statutory surplus; (11) the increased costs and initiatives required to address new legal and regulatory requirements arising from developments related to cybersecurity, privacy, and data governance and the increased costs and initiatives to protect against data breaches, cyber-attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability and performance; (12) retaining and attracting skilled and experienced employees; (13) costs related to being a public company; and (14) other risks and uncertainties discussed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in Part II, Item 1A, “Risk Factors,” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as well as those discussed in subsequent reports filed with the Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s website at www.sec.gov.

Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.

Twitter: @Floify @withArgyle #mortgage #fintech #housingfinance

Media Contact
Johnna Szegda
Depth for Floify
johnna@depthpr.com
404.798.1155