Lenders' workflows to be streamlined through partnership between Argyle and LenderLogix
In a move aimed at revolutionizing the mortgage industry, LenderLogix, a leading mortgage point-of-sale (POS) and automation software provider, has integrated Argyle's income, employment, and asset verification technology into its LiteSpeed platform. This integration offers significant benefits to both lenders and borrowers by automating and embedding verification directly into the loan application process.
The integration enables embedded verification at the point of sale, allowing lenders to request and receive verification data (income, employment, asset) seamlessly within the borrower-facing LiteSpeed experience. This simplifies the application process for borrowers, eliminating the need for emails, portals, or manual uploads.
For lenders, this means higher-quality loan files from the outset. Real-time access to structured payroll and bank data, pay stubs, and W-2s, all with full consumer permission, reduces manual document collection, accelerates loan file completion, and increases data accuracy.
Moreover, the verified data flows easily from LiteSpeed into downstream loan origination systems (LOS) and automated underwriting systems (AUS), enhancing lender confidence in credit decisions through more complete and accurate information.
The combination of LiteSpeed's intuitive borrower experience and Argyle's real-time data makes it easier for lenders to build complete loan files faster and with greater confidence. This, in turn, improves the borrower experience by reducing friction and manual touchpoints, making the loan process faster, simpler, and more user-friendly.
John Hardesty, vice president of Argyle's mortgage division, stated that the integration with LenderLogix provides a better way for lenders to verify income, employment, and assets. Patrick O'Brien, co-founder and CEO of LenderLogix, added that embedding Argyle's verification technology into LiteSpeed is a step towards helping lenders modernize their workflows.
Wayne King, executive vice president, corporate relations of Encompass Lending Group, mentioned that with Argyle embedded in LenderLogix's LiteSpeed, they are able to verify income and employment instantly at the start of the application. This integration aligns with the mission of providing concierge customer service and staying competitive in the rapidly evolving mortgage industry.
[1] Source: LenderLogix Press Release [3] Source: Argyle Press Release
- The recent integration of Argyle's income, employment, and asset verification technology into LenderLogix's LiteSpeed platform is a strategic move towards modernizing workflows in the mortgage industry.
- Openbanking technology, as embodied by Argyle, plays a critical role in simplifying the loan application process by offering embedded verification at the point of sale.
- By implementing Argyle's technology into its LiteSpeed platform, LenderLogix offers lenders a means to automate and accelerate loan file completion, thereby improving data accuracy and increasing lender confidence in credit decisions.
- The partnership between LenderLogix and Argyle is also a testament to the growing role of technology in business strategy, particularly in the finance and mortgage sectors, as they strive to provide user-friendly, efficient, and frictionless experiences to both lenders and borrowers.
