IncomeVerify is a D+H solution that assesses the strength of a self-employed borrower’s earnings. It’s an automated adjudication program that helps financial services organizations grow share, not risk. And all you need to get started is internet access and a web browser.
How does IncomeVerify work?
A significant and growing segment of the working and borrowing population is self-employed. They’re a target market too big for bankers to overlook, yet they can be difficult and time-consuming to assess. The IncomeVerify application was designed around the premise that one of the keys to increasing a Financial Institution’s revenue, without incurring an unacceptable level of risk, is to confidently assess each applicant’s capacity to repay. So when IncomeVerify performs an evaluation, it applies discounting factors to volatile income components, and tests data that appears outside of expected norms.
- Provides extensive selection for data input, i.e. sources of income, borrower income confirmations, business stability info, etc.
- Standardization of inputs allows for consistent scoring
- User-friendly worksheet that incorporates extensive behind the scenes underwriting analytics
What does IncomeVerify provide?
Credit Risk Management
- Completes substantive income verification for a borrowing group that is typically harder to assess
- Provides for the opportunity to improve portfolio performance by using consistent data to make credit decisions (such as collateral requirements, covenants, etc.) that support credit risk policies
- Supports Canadian Federally Regulated Financial Institutions (FRFIs) in their efforts to comply with the B-20 Guideline, Principle 3
- Supports US lending institutions in their efforts to comply with the Consumer Financial Protection Bureau (CFPB) Ability-to-Repay rule
Improved Performance and Reduced Costs
- Available on an as-you-go-basis with access frequency on the customer’s terms (system availability is 24/7)
- A cloud-based automated tool that is easy-to-use and easy-to-understand that is available without the need to build or manage the infrastructure to support the solution
- Provides an adjusted net earnings number that reflects the riskiness of all income sources for a group of workers that represents > 15% of the Canadian and > 30% of the US working populations, respectively
As with all D+H solutions, IncomeVerify considers the impact of changes on your organizational structure and personnel. We offer advisory and consulting support to bridge any gaps and deliver a business-aligned solution.