Are you making the most of your DecisionLogic IAV features?

DecisionLogic ensures the best conversion rates in the industry through the use of multiple data providers. We don’t rely on one source to maintain our sky-high success rate and that means neither do you. If one aggregator falters, another will seamlessly takeover the process without any disruption to the borrower experience. If one source has scheduled maintenance or simply isn’t up to our standard, then we switch to the source with superior performance. We are committed to always delivering the best data returns for our customers. 

Did you know what else you have as a benefit of being a DecisionLogic customer? 

You can get a second opinion to boost those conversion rates. Sometimes it’s hard to see things in plain sight. Having someone unfamiliar with your unique customer journey step through your process can give you fresh perspective on pain points you may not be aware of. 

 

Fun fact: We are also happy to do a workflow review or conversion rate analysis at any time – free of charge. Reach out to our Support Team!

 

The Versatility of Instant Refresh Makes it a Fit for Every Business
Do you need to reduce fraud? Prevent loan stacking? Ensure ACH payments don’t bounce? Process returning customers? Protect escrow? These are just a few of the ways you can use Instant Refresh.

 

To prevent loan stacking

 

No matter how fast your underwriting process is, loan stacking is faster. By re-pulling the data right before funding, you can make sure your potential borrower has not gotten themselves a little extra security in the form of another loan. 

Pre-payment validation to double check loan position

Having more than one loan isn’t necessarily a deal-breaker for merchant lenders, but you still need to keep a close eye on what position those other loans are in. For example, if the potential borrower already has two loans, it will put you, the new lender, in third position, which for some lenders isn’t a problem as long as it stays that way. Every lender, even within the same vertical, has different thresholds for underwriting and risk. It’s important to know where you stand. 

 

Virtually eliminate fraud

 

This is one of the biggest reasons to use Instant Refresh.  Between IAV and the ability to pull up-to-the-minute transactions, it is extremely difficult to get fraudulent bank data. The information comes directly from the financial institution and cannot be altered. This means you can verify the amount, timing, and consistency of income in real time. It also means you can re-pull the data to make sure that amount, timing, and consistency doesn’t change before committing to a loan. 

Zero-friction follow up for return customers

To keep customers coming back, you will want to keep the subsequent visits as easy as possible. Instant Refresh can help with that, too. If the link is still active from the previous loan, and the borrower has not switched institutions, you can re-pull the data without the borrower having to go through the IAV process again. Not just low friction, ZERO friction. 

 

ACH pre-checks to reduce ACH payment bounces

 

An ACH is a fast, convenient way to get a loan payment from a customer, and they can be pre-scheduled to reduce stress even further. Until that ACH bounces, then it becomes a digital headache. Besides wasted time and man hours, there is usually a fee for this financial guffaw. All of that can be avoided by re-pulling the data and verifying funds before the pre-scheduled ACH gets initiated. 

 

Protect escrow

 

Arguably one of the most valuable uses for the mortgage industry is protecting escrow. Escrow is one of the final steps before funding. In this very tense time frame, the financial assets must be monitored carefully as the financing is based on the assets being in a specific state. Any major change can require the process to start over from scratch. For mortgage lenders, this makes Instant Refresh indispensable. On demand, refresh the data to stay up on all the newest deposits and asset changes with zero action required from the borrower. 

 

DecisionLogic’s Analytics are Included – That’s a Game Changer
Analytics are one of the biggest benefits to partnering with DecisionLogic especially because ours are 100% free. Billions of transactions have been used to construct thousands of rules to bring you this powerful tool. Summary Analytics allows DL clients the ability to quickly identify key trends from over 25 income and spending categories in an easy-to-read format. This makes loan decisioning faster and more accurate, which makes them critical for every underwriting team. 

 

DecisionLogic dedicates a qualified data team to continuously optimize Summary Analytics for the best possible output. That said, did you know that you had the power to help shape our analytics? 

If you see something that should or should not be captured, you can flag it with our Support Team, and we will open an in-depth investigation right away. Listening to our customers is another DecisionLogic value we take very seriously.

 

Proprietary Scoring Like You Have Never Seen Before
With payroll and income stability from various sources, we have scores of scores giving lenders an instant read on income consistency for underwriting and repayment decisions. Not to mention a jump start on the automation modeling for those looking toward the fully digital future of lending. 

 

During the pandemic, and still today, there have been a lot of layoffs. As a result, there was an increase of borrowers trying to get a loan as soon as they got laid off thinking the lender would not know that their most recent paycheck was actually their last. Obviously, this would mean there would be no way to pay back that loan, resulting in higher default rates for lenders that did not have an IAV provider, preferably one with an income consistency flag. 

 

Fun Fact: We already had an income score, but we also recognized the need for a flag showing if a paycheck was out of timing or in an odd amount indicating a possible layoff. This insight led to further scores and optimizations of the existing ones, all to the lenders’ benefit and the borrower’s protection. 

 

World-Class Support Teams
For your front office agents, we have a world-class Client Success team to support them. They will happily glide you through onboarding, set up training, answer any day-to-day questions and offer custom recommendations for workflow or conversion rate optimizations. Did I mention all support services are provided at no additional charge? We believe every business who partners with us should get top-level customer service, regardless of their financial commitment. And we embody that belief every single day. 

 

Our Support Team is available to assist you and your borrowers via email, phone, or our new chat service. Real people with real solutions to help you, your team, and your customers. 
 

That’s right, our white glove support does not stop at front-end customer-facing. Through dedicated calls and email, our tech specialists will assist and guide your development team through the integration process from kick off call to production release, and beyond. 

 

Your team can also reach out anytime time post-launch for suggested workflow optimizations to keep your waterfall primed for success as your business needs and the industry changes.

Friction-free Identity Verification (IDV) 

We believe in low-friction identity verification software. What we mean by that is ease of use for your customers and your team. Our industry leading DL Match product does exactly that. 

For your customers, you can utilize our software to input the details from your application process and verify their identity in seconds against Experian’s™ unparalleled database. This requires no interaction with your customer, making it zero friction. Yes, you read that right, ZERO friction. 

 

That’s hard to top, but for your team, the benefits are off the charts. 

Auditors will ask for DecisionLogic by name as a compliance tool; and not only for our IDV. When used in conjunction with IAV (Instant Account Verification), you get a very clear view of who your customer is and their current financial health status. (Auditors especially love that!) And you can get both the identity verification and the digital bank statement in seconds, no waiting on documents that may or may not be accurate. (You’re welcome, Underwriting Team.)

Your billing department will also thank you because it is a single invoice for income and identity verification. And one less vendor to onboard and manage.

 

We think of your tech team too because there is no development work required. (Not kidding, read that again.) You can use our DL Match product via our lender portal the same day onboarding is complete. That said, if you prefer to add this to your automated workflow, you absolutely can with our suite of APIs. Both IDV and IAV are also available as standalone products, so you can put them in your workflow where it makes sense for your business. And of course, our dedicated Technical Support team will guide you every step of the way, as much or as little as you need.