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Identity verification for today’s lenders.

Historically and still today, lenders rely too heavily on static data and personal identifiable information (PII) to assess and verify the identity of their applicants.  In an industry that is regulated and known for being risk adverse, in addition to having heavily scripted processes, lenders now need to augment identity assessment processes with dynamic data. We live in such a mobile-connected world where data privacy is dead.  For the average homebuyer, the end-to-end process of a loan application has not been associated with the words “quick and painless”.  Well, that’s the beauty of innovation, – where there’s an “opportunity to improve”; new contenders have risen to the occasion. Ergo the emergence of alternative lenders with words like quick, speedy, personal, and peer in their branding.

Most Americans, at one point or another, have felt the inertia of the loan application process and had to endure the “waiting game” associated with it. The static-state of old school lending has lead to increased customer friction, which in turns leads consumers to explore new options.

Static data, like date of birth and social security numbers, have been compromised so often, that it’s barely news anymore; yet lenders still rely primarily on it for identity verification. Due-diligence and underwriting have been a major bottleneck, yet processors and loan officers have the ability to change this. By layering in dynamic identity data and reducing the reliance on static data, lenders can positively impact the speed of processing applicants.

“We implemented Whitepages Pro and it’s a fundamental due-diligence step for qualifying the identity of applicants. Whitepages Pro’s web search is instant, errors resolve on screen – eliminating incomplete applications from entering the mortgage processing queue prematurely and before credit history is ordered.”   – a top 3 consumer lender

What is dynamic identity data?

Dynamic identity data is real-time, comprehensive data attributes that point to the validity of an applicants information they’ve submitted.  This includes data around the name, phone number (mobile included), addresses, emails, and related persons. This helps identify if this data belongs to the same person. There is a growing acknowledgement that absolute identity proofing is neither practical nor possible, including some recent Gartner research. New lenders are emerging to fill the time-warp gap with fast, easy, and accessible lending processes that resonate with today’s on-demand consumer.  It’s time for all lenders to stop clinging to static data and embrace dynamic identity data to speed-up workflows without sacrificing quality, and keep fraud low while delighting real customers.

Reduce applicant frustration and combat identity theft when you layer in Whitepages Pro identity data at the front-end of the consumer lending application workflow.

Get a free demo of Whitepages Pro Identity Check™

 

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