Floify, a point-of-sale (POS) solution for mortgage providers, announced its native electronic verification of income and employment (VOIE) service, Floify Verify, is available to the industry. Powered by Argyle, the service is designed to streamline the mortgage origination process by allowing lenders 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 is intended to enable lenders to prioritize their business objectives, including 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. Lenders can manage costs by configuring 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 percent less cost than legacy providers and manual verification methods. The solution also was designed to support 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.”