Point Predictive Introduces IEValidate™
Point Predictive, a leader in artificial intelligence solutions for consumer lending, has officially launched IEValidate. This innovative tool allows companies to minimize their reliance on paystubs and expensive database checks by offering a more accurate and cost-effective verification method.
Revolutionizing the Verification Process
IEValidate provides lenders with a seamless and dependable way to verify an applicant's income, occupation, and employment through an API, requiring only minimal borrower information such as the Social Security number. In less than 500 milliseconds, it generates a comprehensive validated income and employment report for each matched borrower, serving as an effective alternative to traditional paystubs and reducing the need for costly database checks.
This cutting-edge solution, which has already been embraced by leading lenders, tackles several key challenges associated with verifying a borrower's income and employment. These challenges include low hit rates from existing verification methods, the high costs tied to database checks, and the significant friction borrowers face when asked for paystubs or bank statements.
Substantial Cost Savings
In terms of financial efficiency, IEValidate emerges as a highly cost-effective option compared to expensive human resource database lookups. By implementing IEValidate early in the verification process, lenders can reduce verification costs by an impressive 60% to 90%. This significant reduction enables them to allocate resources more effectively while improving operational margins.
Broader Coverage and Enhanced Efficiency
With access to over 260 million historical income reports, IEValidate can provide validated income and employment information for up to 80% of submitted applications. This remarkable hit rate allows companies to expand their coverage beyond what traditional verification solutions offer, leading to a more efficient approval process.
By eliminating the need for paystubs and other cumbersome documentation, IEValidate significantly reduces friction in the loan application process. Consequently, this tool has the potential to boost loan conversion rates by 50% or more, resulting in a smoother experience for borrowers and heightened customer satisfaction, which ultimately benefits lenders' portfolios.
Unmatched Insights from Extensive Data
IEValidate utilizes Point Predictive's vast risk data repository, which includes real incomes, employers, and occupations. With over 260 million income reports, 22 million unique employers, and more than 68 billion risk data points, this extensive database enables unparalleled validation of a borrower's income, occupation, and employment history.
Wide-ranging Applications Across Industries
This solution is designed to be versatile and applicable across various sectors that require accurate income and employment verification. These sectors include credit card applications, rental applications, consumer lending, auto lending, mortgage lending, and new account origination. The adaptability of IEValidate makes it an essential tool in today’s lending environment.
About Point Predictive
Point Predictive is committed to enhancing lending confidence and efficiency through innovative applications of artificial intelligence and proprietary insights derived from data on over 250 million income records. Their advanced technology enables lenders to quickly distinguish between legitimate and misleading loan applications, facilitating a higher approval rate for loans without the cumbersome requirement for paystubs or utility bills. This innovation not only accelerates loan approvals but also helps reduce early payment defaults, ultimately boosting profitability for lending institutions. The trust placed in Point Predictive by leading financial entities underscores its transformative impact on the lending industry.
Contact Information
If you have any inquiries, please contact:
Jacqueline Silva
Jacqueline.silva@pointpredictive.com
Frequently Asked Questions
What is IEValidate?
IEValidate is a new tool introduced by Point Predictive that simplifies the process of verifying borrowers' income and employment.
How does IEValidate enhance the verification process?
IEValidate minimizes the dependence on traditional documentation like paystubs, significantly reduces verification costs, and improves hit rates.
Who stands to gain from using IEValidate?
Lenders across various sectors, including consumer lending, mortgage lending, and rental applications, can greatly enhance their verification processes with IEValidate.
What kind of data does IEValidate use?
IEValidate taps into a comprehensive database that features over 260 million income reports and more than 68 billion risk data points.
Why is it important to reduce friction in the loan application process?
Reducing friction improves the borrower experience, leading to higher loan conversion rates and greater customer satisfaction.
