The loan origination process can be lengthy and complicated, requiring a plethora of information from the applicant in terms of documentation and identification. The cumbersome manual inputting of information as well as requirements for providing verification with traditional identification documents can lead many would be customers to drop out of the application process entirely.
Mitek’s Mobile Verify™ can eliminate frustration from the process of loan origination by allowing the application to be completed via a mobile device. Customers can use Mobile Verify™ to process their application and meet identity verification requirements. Using a combination of image capture and facial recognition, our ID verification solution can authenticate any driver’s license in real-time, significantly reducing the risk of fraudulent applications.
Lenders using Mobile Verify™ benefit from an increase in pre-qualified applicants during the loan process, as customers are more likely to complete the entire loan application. Further, the loan application process can be shortened, as lenders will have all the required information at their fingertips to quickly issue an approval or denial.