Zero Friction, Double the Coverage, A Fraction of The Price

IEValidate offers lenders a frictionless and reliable way to validate an applicant’s income, occupation, and employment through an API using as little as one field of information about the borrower – the Social Security number.     IEValidate provides a comprehensive validated income and employment report for each matched borrower in less than 500 milliseconds. Lenders can use this report instead of paystubs and as an alternative to costly database checks.

This innovative solution, already used by top lenders, solves most of the critical pain points lenders grapple with when verifying a borrower’s income and employment: the low hit rates of existing methods, the high cost of database checks, and the enormous friction placed on borrowers by requests for paystubs or bank statements.

• A Fraction of The Price: IEValidate is a cost-effective alternative to expensive HR database lookups. By utilizing IEValidate at the top of the verification cascade, lenders can reduce their verification expenses by 60% to 90%.
• Double The Coverage – With over 260 million historical income reports, IEValidate has proven to provide validated income and employment on up to 80% of lenders’ submissions. These high hit rates allow companies to double their coverage over existing verification solutions.
• Zero Friction: IEValidate enables lenders to eliminate the need for paystubs in many cases, dramatically reducing friction in the loan application process and increasing loan conversion rates by 50% or more. Lenders can create a smoother experience for borrowers, resulting in higher customer satisfaction and improved portfolio profitability.

“IEValidate represents a transformation in the way companies will verify income and employment for borrowers,” says Tim Grace, CEO of Point Predictive.

“Paystubs are an outdated approach to verifying a borrower’s income because they put too much friction in the lending process, and forgeries are commonplace. Bank statement requests are met with significant consumer resistance and even then can only be used to estimate income using standard, error-prone formulas. Existing employer-contributed database checks, while frictionless, have fraudulent employers contributing data, are often out of date, and are expensive to use in an automated way on all applications. With our solution, companies can eliminate or replace those methods with a simple, frictionless, validated income and employment report for up to 80% of their borrowers — provided in less than a second and at a fraction of the cost of their current solutions.”

Unparalleled Insights from The Industry’s Most Comprehensive Data

IEValidate leverages Point Predictive’s proprietary risk data repository, which includes real incomes, employers, and occupations, covering more than 260 million income reports, 22 million unique employers, and more than 68 billion risk data points. This unique data enables IEValidate to provide unparalleled validation of a borrower’s current and historical income, occupation, and employment.

The solution is designed to work across any sector that requires income and employment verification, including credit cards, rental applications, consumer lending, auto lending, mortgage lending, and account origination.

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Having co-founded Credit Karma, one of the leading credit insights providers, Nichole is an industry titan, whose work in scaling the company gave it a platform to provide millions of Americans with a deeper understanding of their credit through a seamless product. Nichole’s invaluable experience in enabling credit access for millions of Americans in the digital age has given her a front-row seat to the technological and data advancements that have drastically impacted consumer lending decisions.

“We are undergoing a paradigm shift in credit underwriting, with new data, regulations, and technology fostering unprecedented opportunity. Capitalizing on these opportunities demands a fresh perspective with demonstrated expertise in consumer credit,” said Misha Esipov, Nova Credit Co-Founder and CEO. “I could not be more excited to welcome Nichole to our board. Bringing her experience in co-founding and scaling Credit Karma into the iconic company that it is a dream come true. Nichole’s passion and deep expertise throughout the credit ecosystem will not only be instrumental in scaling our business, but also in accelerating our mission of creating a more fair and inclusive financial system for the world.”

Nichole will help guide the company’s strategy to enable responsible business growth and insights for its clients by harnessing the power of consumer credit data, helping expand credit access in the process. This will be especially true as Nova Credit looks to advance the impactful deployment and applications of cash flow and income data across the underwriting journey.

“As open banking gains traction from regulators and from lenders looking to expand their underwriting analytics beyond the traditional credit system, Nova Credit is pioneering technological solutions that leverage data to tell a richer story for millions of misunderstood credit applicants,” said Nichole. “The company and its team are poised to create a more navigable credit system for both consumers and the businesses that serve them, and I couldn’t be more excited to contribute to its mission.”

Nichole co-founded Credit Karma in 2007 and served as Chief Revenue Officer. Previously, she was a financial services sales director at Compete, which was acquired by TNS Media. She holds a Doctorate degree from Miami University.

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With this capability, lenders can identify when an existing customer is actively shopping for a loan, offering an opportunity for that lender to expand their relationship by making a compelling offer of credit. Features include:

• Instant identification of a lender’s customer and their tradeline status, enabling an immediate and automated response with a customized and branded offer of credit.
• Credit offers completely tailored to existing customers, including credit box, risk tolerance, return target, loan size and terms, and geographic focus.
• Ability for nationwide lenders to choose between Upstart’s AI-enabled credit decisioning or the institution’s existing and approved underwriting model.
• Available today for personal loans with expansion to auto loans and home equity lines of credit (HELOC) in the future.

“Our existing members are our most valuable asset, so ensuring that we are there for them throughout their entire financial journey is a top priority for us,” said Josh Garrison, Vice President, Consumer Lending & Cards, Patelco Credit Union. “By expanding our partnership through Upstart RCP, Patelco Credit Union will be able to meet the needs of our existing members who are looking for affordable credit on Upstart.com.”

“RCP will enable us to retain and better serve our existing members,” said Charles Eads, Chief Lending Officer, Abound Credit Union. “This innovative program will allow us to continue to meet the financial needs of our members in the communities we serve, as well as those members who have moved outside of the area.”

RCP is available to lenders on the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet a bank or credit union’s credit policies receive tailored offers and then seamlessly transition into the lender-branded experience to complete the online application and closing process.

“In the current economic environment, lenders are laser focused on retaining their customers and increasing the lifetime value of those relationships,” said Michael Lock, SVP of Lending Partnerships, Upstart. “RCP enables them to reach their existing customers in a new way, provide more value, and build loyalty.”

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iQ Credit Union serves more than 100,000 members with 16 branches in Southwest Washington and Portland. Last year, the organization experienced nearly 25% increase in overall member growth and expects 30% growth in home equity this year.

The credit union has used FirstClose Equity as its settlement services order management platform since 2018. Using this solution, iQ Credit Union has digitized their back-office and vendor management processes to significantly reduce turn times and take cost out of the process all while providing an exceptional member experience.

“At a time when origination costs have reached new highs, no one can afford inefficiencies that further compress margins, especially credit unions in the home equity space,” said John Hapke, Vice President of Consumer Lending, from iQ Credit Union. “Knowing that FirstClose easily integrates with our vendors and offers a full suite of competitive products is helping us reduce cost while simultaneously growing our home equity offerings.”

FirstClose Equity has built in workflows that streamline processes and builds efficiencies. The solution provides a single source for critical ordering settlement services such as credit, flood, valuation, title and recording.  In just a few clicks, LO’s can create an order “on demand” and connect to all parties involved in the ordering process while reducing phone calls and emails. Automation enables faster decisioning, making communications with members faster, more transparent and accurate.

“Credit unions, like iQ Credit Union, are looking for better ways to help their members reach their financial goals by tapping the $28 trillion home equity market,” said Tedd Smith, Chief Executive Officer at FirstClose. “Whether our clients are using the end-to-end solution or just one of the components, like ordering, the technology is designed to reduce errors, mitigate risk and become a centralized resource for home equity origination.  We are pleased to have iQ Credit Union as a client and look forward to helping them capitalize on this growing market.”

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With more than 10 years of pioneering financial and banking technology, Finovate created the inaugural Finovate Awards to bring together the best-of-the-best in the financial services industry, recognizing credit unions, banks, fintech firms and individuals with unique and innovative solutions. The Finovate Awards were created with a diverse group of judges and 19 categories aimed to highlight innovative financial institutions, products and people from across the industry.

The Kasasa Loan is an innovative product that allows financial institutions to grow while creating value for their borrowers and providing an innovative lending experience. It features a new concept called “take-backs,” which allows the borrower to pay ahead to reduce debt, but take that extra back if they need it, making it the most consumer-friendly loan available on the market today. In fact, Kasasa Loans are preferred by nine out of ten consumers over comparably priced loans, and according to a recent consumer survey, more than 50 percent of consumers would open a checking account and 98 percent would refinance existing debt at the same rate in order to get a Kasasa Loan with the take-back feature.

Additionally, the Kasasa Loan comes with a mobile-friendly dashboard and app, allowing borrowers to manage their debt by showing them the status of their loan in seconds. It empowers the borrower by showing them the impact of payment changes before they make them, providing them more control and enabling them to make better financial decisions. This unprecedented control and transparency keep borrowers engaged, with 85 percent of consumers saying they would use the dashboard monthly.

“When we started Kasasa, we were one small company with a dream to change the face of lending. Back then, we never could have predicted we’d be among companies across all of fintech globally, let alone named a winner,” said Gabriel Krajicek, CEO of Kasasa. “Being honored with the inaugural Finovate Award for Best Consumer Lending Platform is a testament to our hundreds of teammates who worked tirelessly, and continue to do so, to make our dream a reality. Thanks to them, countless people will be able to enjoy the magic and flexibility of the Kasasa Loan.”

Kasasa was also a finalist for Finovate’s Best Customer Experience for its nationally branded reward-based accounts. By offering Kasasa’s customizable, high-interest accounts, community financial institutions successfully drive new account growth, encourage account holder engagement and increase profitability as well as compete and win against the industry’s big financial institutions.

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