Old Republic Credit Services (ORCS), a national leader in credit-related services, today announced the release of a new electronic verification process that provides a fast and secure solution for borrowers to verify information found on their credit report.
Chicago, IL May 27, 2014 – Old Republic Credit Services (www.orcredit.com) has created an industry leading product to create efficiencies and help cut down paperwork for brokers, lenders and borrowers. Borrower Verification Reports (BVRs) are an optimization of the Derogatory Only Reports with an electronic verification process. The product concept was conceived by Brent Alberts, Senior Vice President of Technology and Strategic Engagement at ORCS and there is nothing like it on the mortgage market today.
“This is the first electronic verification report of its kind in the marketplace,” says Alberts. “With loan transparency and communication between borrowers and their lending professionals being more important than ever, we set out to create an easy to use tool that allows a borrower to ‘discuss’ information on their credit report. With online and mobile capabilities, it allows for fast feedback from the borrower.” That borrower feedback can be used to correct any discrepancies before they become an issue or even help improve the borrower’s loan rate. The BVR replaces the letter of explanation and aids with Ability to Repay rules and CFPB scrutiny regarding credit report transparency.
Borrower Verification Reports can be requested directly from the credit report during the review process. A lender or broker invites their borrower to review self-selected portions of their credit report via a secure web-based portal. From there, the customer can verify and comment on derogatory information, inquiries, past addresses or aliases, after which they would electronically sign. The report is then automatically sent back, eliminating the need for printing, faxing or scanning. The result—faster feedback, greater accuracy and decreased wait times for lenders and brokers.
Taking a very manual process being employed by many customers today, ORCS has built a streamlined tool to enable all parties to be more productive. Initial trials with current customers have provided positive results already. “I've requested BVR reports since we've had access and have enjoyed the ease of ordering and the borrower's ability to e-sign,” says Michelle Marlo, Results Coordinator at Options Financial Residential Mortgage.
Old Republic Credit Services sees the BVR release as just the beginning of many updates to come. “Workflow needs to be simplified and we have to take advantage of technology to do this. We are always looking for ways to speed up existing processes as well as supply simple tools that everyone can use. Borrowers demand it, and our customers demand it, as they should,” says Alberts. The Borrower Verification Report is available for use now. For more information about Borrower Verification Reports please contact Old Republic Credit Services at firstname.lastname@example.org.
About Old Republic Credit Services:
Old Republic Credit Services is a privately-held national provider of credit and verification services in the mortgage industry. ORCS has partnered with technology provider Credit Interlink, Inc. to create innovative solutions utilized in the mortgage decisioning process. Offerings include highly customizable credit reports and credit management tools, tax and social security verifications, and an array of fraud-related products. The company was founded in 2003 and has operations based out of Chicago, Illinois. For more information, please visit www.orcredit.com.
VP of Business Development