All posts by Ted Wentzel

In the latest episode of “The Chrisman Commentary” podcast, Experian experts Joy Mina, Director of Product Commercialization, and David Fay, Solution Consultant, talk about reducing mortgage pipeline fallout and improving loan pull-through rate. Listen to the full episode for all the details and check out the previous episode to explore how lenders can navigate a tight mortgage market, from rates to equity. Listen to podcast

In the ever-evolving landscape of mortgage lending, efficiency and responsiveness are paramount. Greg Holmes, Chief Revenue Officer at Xactus, shares his insights on how their partnership with Experian has significantly enhanced their operations and client satisfaction. He highlights the dual nature of their relationship with Experian, describing it as strategic and tactical. This multifaceted partnership allows Xactus to swiftly address day-to-day business issues while focusing on long-term strategic goals. Experian’s willingness to listen and incorporate feedback has been a cornerstone of this successful collaboration. Holmes said, "Their willingness to listen to us and take feedback that we've been able to provide has really helped separate them." Commitment to mortgage lending According to Holmes, one of the standout aspects of Experian's service is its unwavering commitment to the mortgage lending process. This dedication is evident in their continuous investment in the sector, which has enabled faster and more accurate loan closures. He also notes, "You can truly see the investment that Experian has put into our space, which has enabled homeowners to close loans faster and more accurately for lenders." Technological advancements and automation Experian's technological advancements have played a crucial role in enhancing Xactus's operations. The integration of Experian Verify, particularly in the verification of income and employment data, has streamlined the process, contributing to the goal of achieving a digital mortgage. This automation speeds up loan origination and closure and ensures greater accuracy and efficiency. Cost control and flexibility Another key benefit of partnering with Experian is the cost control and flexibility it offers. The single price point for orders and the robust integrations with loan-origination software companies have been particularly beneficial. These integrations allow Xactus to leverage Experian's data effectively, providing a seamless experience for lenders and borrowers alike. Greg emphasizes, "They love the fact that it helps with cost control. That single price point with orders has been extremely important." The testimonial from Xactus’ Greg Holmes clearly shows how Experian's proactive approach, technological innovations, and commitment to the mortgage lending industry have made a tangible difference. According to Holmes, by listening to client feedback and continuously investing in their services, Experian has positioned itself as a vital partner in the quest for optimal efficiency in mortgage lending. Learn more about Verify

In the latest episode of “The Chrisman Commentary” podcast, Experian experts Joy Mina, Director of Product Commercialization, and Ivan Ahmed, Senior Director of Product Management, explore how lenders can navigate a tight mortgage market, from rates to equity. “Current rates exceed their locked in rates,” said Ivan. “Homeowners are choosing options as alternatives to selling with the refinancing for cash outs and HELOC." Listen to the full episode for all the details and check out the previous episode to learn how mortgage companies can optimize their business expenses and protect prospects. Listen to podcast

In the previous episode of “The Chrisman Commentary” podcast, Joy Mina, Director of Product Commercialization at Experian, talked about the misconceptions associated with verifications and what organizations can do to enhance their strategies. In the latest episode, Experian's Ken Tromer and Jamie Norris discuss ways mortgage companies can optimize their business expenses and protect prospects. "The market has been asking for solutions to help with cost mitigation and lead protection for quite some time," said Jamie. "We've listened to the market and Power Profile Plus™ does just that." Listen to the full episode for all the details and learn more about Power Profile Plus™ for Mortgage. Listen to podcast Learn more

In the previous episode of “The Chrisman Commentary” podcast, Joy Mina, Director of Product Commercialization at Experian, talked about the benefits of a waterfall strategy for income and employment verification. In the latest episode, Joy explores common misconceptions around verifications, such as how a lender needs to put a provider with the most records first in their waterfall. "While that might feel like a sure-fire way to cut costs, it isn't necessarily the most effective," said Joy. "Instead of comparing records, I would really encourage lenders to focus on a provider's total cost to verify a consumer." Listen to the full episode to learn about more misconceptions associated with verifications and what you can do to enhance your strategies. Listen to podcast  Learn more

To say “yes” to consumers faster and more efficiently, financial institutions need flexible access to instant income and employment verification data. In an episode of “The Chrisman Commentary” podcast, Joy Mina, Director of Product Commercialization at Experian, talks about how income and employment verification has changed since Experian entered the market, the benefits of a waterfall strategy, and what’s next in our verifications journey. “Back then, we were hearing lenders primarily asking for more innovative solutions,” said Joy. “They wanted more flexibility without sacrificing quality of service.” Listen to the full episode to learn more about what lenders look for in an income and employment verification solution and how Experian VerifyTM is meeting these needs. Listen to podcast  Learn more

Ensuring the reliability of tenant applications is paramount to running a successful property management business. But with an exponential rise in prospective residents using fake financial documents to inflate income and employment status, how do property managers navigate and detect fake paystubs without stepping on a landmine of liability? The marketplace of deception Paystub generator websites As you embrace the commitment to diligence, be aware that some legitimate websites can be unknowingly used by fraudsters to create counterfeit financial documents. Knowledge is your ally here. At the touch of a button, even the minimally tech inclined can produce pay stubs that appear convincing. There are dozens of sites that offer paystub generator software, including: Design and editing software websites that are accessible to people beyond just creative professionals. Popular e-commerce platform stores that host apps capable of creating paystubs. Mobile app stores that allow users to download apps for use on all major mobile devices. Key indicators of a fake paystub Remember, as a property manager or owner, you are responsible for scrutinizing these documents to protect your business interests. Use your awareness to be vigilant, verifying every piece of information to ensure the credibility of prospective tenants. While some of these falsified paystubs may appear to be legitimate, they are usually not perfect. Here are some quick checks which may help you spot a fake or trigger a deeper review quickly. Watch out for elusive typos Erroneous spelling, particularly in company names and financial terms, is a big red flag. Keep your eyes peeled for these unruly characters. Distorted watermarks A legitimate paystub should carry official watermarks or specific symbols that indicate its authenticity. However, be on the lookout for watermarks that seem off — sometimes, they're too conspicuous or amateurish, which can be a tell-tale sign of forgery. Authentic watermarks should be subtle and consistent with the company's brand. Crunching the numbers Inaccurate calculations can unravel a fake paystub. If the numbers just don't add up or pay dates vary inexplicably, you should investigate further. Inconsistent font Professional payroll systems stick to a consistent font. If you notice various font styles and sizes, it's worth investigating further. Authenticity lies in uniformity. Going logo-less? A missing company logo, or one that looks like it was copied from a low-resolution image on the internet, should trigger suspicion. Unusual tax deductions Abnormal tax deductions could indicate someone's fiddling with the figures. Brush up on your tax knowledge or consult with an expert if something seems off-the-wall. Final food for thought Remember, having the right knowledge and tools empowers you to make informed decisions, safeguarding your property from potential fraudsters. Be diligent, stay informed, and leverage technology to support your processes. Action steps to take today Educate your team: Make sure everyone involved in the application review process knows what to look for. Develop a standard operating procedure: Update your existing (or develop) Standard Operating Procedures: As new ways of gaming the system arise, make sure your particular procedures are keeping up with the times. For example, include steps for the following: Understand tenant screening laws in your area. Create consistent resident screening criteria. Check credit report and background. Verify employment and income. Review rental history and evictions (if any). Check criminal record with multi-state search. Interview residents before signing a lease. Follow a consistent policy when accepting or rejecting applicants. Embrace technology: Income and employment verification solutions can verify income directly from a trusted data source and avoid the paystub predicament altogether. Consider implementing a verification system that leaves no room for guesswork. Our verification solution, Experian VerifyTM, provides accurate, efficient, and compliant income and employment verification services. With Experian Verify, property managers can navigate the complexities of tenant-related income and employment verification with ease, ensuring they are adhering to Fair Housing laws and detecting fraudulent behavior. To learn more about how Experian Verify can benefit your property business, please contact us and visit us online. Learn more

As a community bank or credit union, your goal is to provide personalized care and attention to your customers and members while effectively managing regulatory requirements and operational efficiency. By incorporating tools such as income and employment verification, you can streamline the approval process for both account holders and prospects. With the ability to validate their information in seconds, you'll be able to make well-informed decisions faster and accelerate conversion. In this blog post, we will explore the empowering impact of income and employment verification on financial institutions. Better Data, Better Decisions Choosing a verification partner with an instant employer payroll network allows financial institutions to access reliable and up-to-date income and employment information for confident decision-making. With accurate and timely data at their fingertips, you can gain a deeper understanding of your account holders’ capacity to pay, a critical component to assessing overall financial health. This not only helps mitigate risk but also helps you serve your customers and members more effectively. There are additional benefits to partnering with a verification solution provider that is also a Credit Reporting Agency (CRA) offering FCRA-compliant technologies. These organizations are well versed in compliance matters and can help you more effectively mitigate risk. Streamline Approval Times and Remove Friction When developing your verification process, it is advantageous to adopt a waterfall or multi-step approach that encompasses instant verification, permissioned verification, and, as a last resort, manual verification. This tiered approach will significantly reduce approval times, manage costs effectively, and streamline the approval process. Instant verification relies on advanced technology to provide swift and efficient results. In cases where instant verification is unavailable, the process seamlessly transitions to permissioned verification, where explicit consent is obtained from individuals to access their payroll data directly from their respective providers. Lastly, manual verification involves collecting payroll and employment documents, which is a more time-consuming and costly process. By implementing this comprehensive approach, you can enhance the efficiency and effectiveness of your verification process while maintaining the integrity of the results. A Flexible Solution Community banks and credit unions are integral to the lending industry. It is crucial for them to select a versatile verification solution that can keep pace with the approval speed of both regional and large banks. Given that community banks and credit unions operate in smaller geographic regions compared to larger institutions, it is imperative for them to have a verification solution that is versatile and can be applied across their entire spectrum of loan offerings, including mortgage loans, automotive loans, credit cards, home equity loans, and consumer loans. This adaptability enables community banks and credit unions to consistently serve their account holders and enhances their ability to compete effectively with larger financial institutions. With a robust verification solution in place, community banks and credit unions can confidently navigate the complexities of the lending landscape and deliver exceptional results for their valued account holders. World-Class Service and Support To ensure a seamless verification journey, community banks and credit unions should choose a solution provider that delivers exceptional service and support. From the initial onboarding process and comprehensive training to ongoing troubleshooting and guidance, a dedicated and knowledgeable support team becomes indispensable in establishing a successful verification process. Having hands-on training and support not only instills peace of mind but also empowers community-focused financial institutions to consistently provide a high level of personalized service, fostering trust and loyalty among their customers and members. By investing in a robust support system, community banks and credit unions can confidently navigate the verification landscape and stay ahead in an ever-evolving financial industry, reinforcing their commitment to delivering an outstanding experience to their communities. As a longstanding leader in the financial industry, Experian understands the unique challenges faced by community banks and credit unions. Our verification solution, Experian VerifyTM, provides accurate, efficient, and compliant income and employment verification services. With Experian Verify, community focused financial institutions can navigate the complexities of income and employment verification with ease, achieving new levels of efficiency and success. To learn more about how Experian Verify can benefit your bank or credit union, we invite you to visit our website and schedule a personalized demo. Together, let's unlock the potential of income and employment verification and elevate your financial institution to new heights of success. Learn more