Swift Approvals, Lower Costs, and Accelerated revenue in mortgage Transactions
FlexID
Verify identity information prior to submitting a credit inquiry
Every time a mortgage lender or credit reporting agency requests a credit report, credit bureaus earn fees, even for instances where no report is returned due to reasons like a lack of credit history or mismatched data. With these reports costing between $8 to $25 each, these expenses, whether absorbed by the CRA or the lender, accumulate over time, impacting mortgage costs and slowing down loan processing. CIC Flex ID®, an approved verification intermediary, offers a solution by validating identity information before initiating a credit inquiry. This not only reduces operating costs but also streamlines the credit process, enabling quicker approvals and lowering abandonment rates.
Faster transactions are realized through Flex ID’s combination of data certainty and tailored flexibility, supporting business goals. By swiftly providing critical information for evaluating mortgage applicants, Flex ID ensures quicker approvals, contributing to increased market share and accelerated revenue generation.
The ensuing benefits are enormous:
- Easily verify and validate identity information
- Protect against compliance and fraud risks
- Reduce operating costs
- Create a positive and frictionless customer experience
- Focus resources on revenue growth
