Digital mortgage automation solution provider Floify launched verification of income (VOI) and verification of employment (VOE) waterfall technology that aims to save lenders and mortgage brokers time and reduce costs during the loan origination process.
“The new VOI and VOE features in the Floify platform enable mortgage professionals to view the results of multiple verification reports from different providers, starting with the least expensive one, rather than having to run each one individually,” the company said in a release.
While running employment and income verification reports can be an expensive step in the mortgage process, it’s designed to reduce loan risk during underwriting.
“This unique technology will help our clients reduce costs, which is especially important today as verification-related fees increased significantly in the past three years,” said Sofia Rossato, Floify’s president and general manager.
As these waterfall technologies can be run within the Floify platform, clients may bypass loan origination system add-on fees that often come with enabling new features, Rossato noted.
Founded in 2013, Floify — a subsidiary of Porch Group Inc. — is a software development company that offers a digital loan origination and point-of-sale system for the mortgage industry.
The Colorado-headquartered firm was acquired by publicly traded proptech company Porch Group, Inc. in an $87 million deal in 2021.
Floify’s platform features a secure communications and document management portal and an e-signature option between lenders, borrowers, real estate agents and referral partners, according to the firm’s website.
Floify’s latest release includes a single sign-on (SSO) functionality that aims to improve security and streamline the digital loan origination process for loan officers.
By relying on a single set of trusted credentials from widely-used platforms, such as Google or Facebook, borrowers are able to streamline account creation and management when joining new applications, the company said in June at the time of the SSO launch.