Chetan Patel, Chief Operating Officer
Traditionally, lenders have to perform numerous steps— including the accurate completion of departmental checklists, verification of the borrower’s tax returns, employment, and other banking information, as well as credit—before finalizing the underwriting and originating a loan. A majority of lenders are still utilizing the traditional paper-based and manual processes with respect to underwriting. Banks require an extensive amount of time to perform extensive due diligence and gather critical financial information from disparate sources to assess a borrower’s eligibility. Additionally, as the COVID-19 pandemic continues to disrupt conventional operations, lenders are experiencing a gap when it comes to staffing, which is further hindering the execution of their underwriting activities. As a result, there is an increase in turnaround times, resulting in poor customer experience and creating business discontinuity risk in the current economic volatility. Addressing this rising need for a mortgage partner capable of assisting lenders in enhancing their underwriting tasks to improve the efficiencies of their overall loan processing with its three-pronged approach—people, process, and technology—is Texas-based Verity Global Solutions LLC (Verity).
By combining its comprehensive portfolio of mortgage origination and downstream servicing solutions with its ability to work in 24/7 cycles, Verity has carved out a unique position in the mortgage arena. The company’s solutions and services are specially designed to target time-consuming processes such as income calculations, loan set-up, appraisal, title review, pre-funding quality checks, and purchase advice submissions, among others to assist its clients in significantly reducing their turnaround times and offer loans to more borrowers. “We leverage our pool of mortgage experts, optimize underwriting processes, and automate cumbersome manual processes to reduce loan turnaround times drastically,” says Chetan Patel, chief operating officer at Verity Global Solutions.
Verity’s solutions and services portfolio is backed by the extensive expertise of its team and employs AI and robot process automation (RPA) to support lenders in coping with the unique requirements of their clients and align their banking information with the policies and regulatory mandates of their banking system. “Our services act as the middleware that automatically parses banking and other critical data from various disparate entities and unifies it under a single pane of glass for lenders to assess and approve,” explains Patel.
Apart from its portfolio’s core competencies, the company also places a significant emphasis on the security and confidentiality of its client data through comprehensive measures that limit information access for its workforce based on their roles. In fact, Verity leverages an intuitive operations management platform to maximize visibility and monitor their employees’ day-to-day activities in real-time. Above all, the company employs the end-to-end security of Amazon WorkSpaces to uniquely customize employee access and turn their desktops (at work) and laptops (at home) into dummy workstations that only provide access to data on their current customer.
With such unparalleled capabilities, Verity has ignited several success stories in the global banking arena since its inception in 2016. In one instance, the company assisted a top 100 U.S. lender in coping with the surge in mortgage refinances. Initially, to handle the sudden increase in mortgage processes, the client pushed their workforce to speed up their underwriting processes, which owing to their manual nature, increased inefficiencies and calculation errors. With Verity’s portfolio, the leading U.S. lender was able to seamlessly gather data from bank statements, tax dividends, and more, as well as automate critical calculations to reduce errors and maximize the throughput of their workforce. “This project perfectly highlights our ability to be a switch that our clients can turn on to speed up their mortgage underwriting, origination, and support processes,” adds Patel.
Moving forward, Verity aims to increase the AI and RPA applications within its offerings to further enhance the throughput of its clients. At the same time, the company is also expanding its footprint in the U.S. and India by developing its operations to incorporate the Canadian, UK, and Australian markets in the coming months. To conclude, Patel reiterates the ethos of Verity, “We will continue providing experts and innovative technologies to help our clients optimize their mortgage origination and servicing processes as they traverse the ever-shifting global financial arena.”