Partnering up, Argyle and LenderLogix aim to streamline lenders' processes by modernizing workflows
In a move aimed at modernizing the lending industry, Argyle, a leading income, employment, and asset verification technology provider, has integrated with LenderLogix's LiteSpeed platform. This partnership offers numerous benefits, including automated, streamlined verification at the start of the loan process, leading to faster workflows, reduced manual data entry, and fewer errors.
The integration allows mutual customers to embed verification directly into LenderLogix's LiteSpeed platform. This means that lenders can now request and receive income, employment, and asset verification within the borrower-facing LiteSpeed application without the need for emails, portals, or manual uploads.
John Hardesty, vice president of Argyle's mortgage division, stated that the integration with LenderLogix offers a better way for lenders to verify income, employment, and assets that's embedded, automated, and available from the first borrower interaction. 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-right at the start of the application.
Key benefits of this integration include automated and embedded verifications that initiate income, employment, and asset data checks seamlessly within LiteSpeed without manual intervention, reducing the risk of duplicate orders and data entry errors. The integration also improves the borrower and lending team experience through faster processing, clearer audit trails, and smarter notifications, increasing transparency and communication along the loan lifecycle.
Furthermore, the integration better fits verifications smoothly into lenders’ existing loan origination and processing systems, enhancing efficiency from application through to closing. The expanded eligibility for platforms and channels, as Argyle’s verification technology is now available on more points of sale (POS) and loan origination systems (LOS), including LenderLogix, is another significant advantage.
Real-time payroll and bank data connections provide structured income and transaction data, pay stubs, and W-2s with full consumer permission, ensuring accurate data for lenders from the start of the application process.
Patrick O'Brien, co-founder and CEO of LenderLogix, stated that embedding Argyle's verification technology into LiteSpeed is a step towards helping lenders modernize their workflows. This integration provides a more automated, seamless experience for borrowers and more complete, accurate data for lenders from the start of the application process, supporting more confident credit decisions. The integration also supports staying competitive in the industry by aligning with a concierge customer service mission.
[1] LenderLogix Press Release, "LenderLogix Integrates Argyle's Income, Employment, and Asset Verification Technology," [Date], [Link] [2] Argyle Press Release, "Argyle and LenderLogix Integrate to Streamline Loan Verification Process," [Date], [Link] [3] Encompass Lending Group Press Release, "Encompass Lending Group Partners with Argyle to Streamline Verification Process," [Date], [Link] [4] Mortgage Professional America, "Argyle and LenderLogix Partner to Streamline Loan Verification Process," [Date], [Link]
- The partnership between Argyle and LenderLogix, as described in the press releases, integrates open banking technology to automate and embed income, employment, and asset verification directly into LenderLogix's LiteSpeed platform.
- This integration strategy, according to John Hardesty, vice president of Argyle's mortgage division, aims to modernize the lending industry by offering a more automated, seamless, and efficient loan verification process.
- The benefits of this technology integration extend beyond the loan process, enhancing finance and business operations by minimizing duplicate orders, reducing data entry errors, and improving borrower and lending team experiences.
- With the expanded eligibility offered by Argyle’s technology, partnering with LenderLogix and other platforms has the potential to increase business efficiency from application through to closing, while staying competitive in the open banking and finance industry.
