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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 10 December 2023 M T E C H Number and manual verification—lend- ers can now leverage two additional options in AutomatIQ Borrower VOE/I: » Experian Verify: Instant access to income and employment information from Experian's growing network of payroll and proprietary employer data. The solution supports Day 1 Certainty from Fannie Mae and Loan Product Advisor asset and income modeler (AIM) from Freddie Mac. » Borrower Assisted Payroll: The con- sumer can input their payroll creden- tials on a vendor website allowing the vendor to quickly verify employment or income. With the addition of Experian Verify and Borrower Assisted Payroll, lenders can choose different lending waterfall combinations to better serve their con- sumers and scale solutions. Additionally, duplicate orders within a 24-hour period are rejected, eliminating redundant veri- fications and unnecessary costs. "By collaborating with CoreLogic to bring Experian Verify into Automa- tIQ Borrower Verification, we can help streamline experiences for consum- ers while ensuring lenders can make data-driven decisions with confidence," said John Tsefrikas, SVP and Gener- al Manager at Experian Verification Solutions. "Through this Experian Verify integration, CoreLogic's clients now have secure access to the latest advancements in technology and income and employ- ment information available in real-time. Additionally, to realize cost efficiencies, lenders are only charged per report rath- er than per employment record." To help lenders ensure their application and verification process works within exist- ing systems, AutomatIQ Borrower VOE/I integrates with leading industry tools and technologies. This also means that when troubleshooting challenges arise, lenders will have a network of support. "People are at the heart of every mortgage transaction, and we want to en- sure lenders are equipped with the most comprehensive solutions to bring clients a positive experience," said Jay Kingsley, President of Mortgage Solutions at Core- Logic. "With accessibility to multiple leading verification options and customi- zation to select their order, the enhanced VOE/I solutions enable lenders to verify their way and make informed decisions." WELCOME HOMES OUTLINES FUTURE OF RESIDENTIAL HOMEBUILDING WITH AI-POWERED PRODUCTS W elcome Homes announced an evolution of its home- building platform, introduc- ing two new products: Make-an-Offer and AI-powered Land Vetting. Using Welcome's AI-based land-vet- ting technology, customers can now view every buildable property within their desired area. With the surge in mortgage rates over the last year, the price points between existing homes and new ones are starting to converge. As such, consumers in the market for their next home are going to more often opt for new construction, ensuring that they're extracting value and not making unnecessary concessions in the purchase process. This is why Welcome Homes is quickly innovating to bring the entire homebuilding process online, streamlining the journey from land selection to design to construction. "The residential construction industry is missing crucial bridges between differ- ent stakeholders in the process," said Alec Hartman, CEO and Co-Founder of Wel- come Homes. "Homebuyers, contractors, civil engineers, and municipal authori- ties—incentives across these groups are not aligned. Our technology can be the throughline that eliminates friction and improves collaboration throughout the new home construction process, making it a more fruitful and less stressful endeavor for all parties involved. This is why we're aggressively adding innovations like our AI-powered land vetting and ability to make offers on new construction projects in seconds online. Technology is the key to eliminating the housing crunch." More about the two new Welcome Homes offerings, ushering in a second generation of its platform: » Make-an-Offer is a significant step in digitizing the onramp to building a new home. With this new feature, Welcome customers can submit an offer to purchase their land and con- struction directly within Welcome's online platform, making it easier than ever to buy a new home. The tradition- al process for building a new home entails weeks, sometimes months, of collecting quotes from builders and ar- chitects. Welcome's new offers feature simplifies this process down to a few clicks and puts the buyer in control from day one. Once the offer is submitted, Welcome operates as a managed marketplace; the customer's offer is distributed to Wel- come's network of local partner builders and matched to the most qualified build- er for the job. Builders accept or reject offers online, much like gig drivers in rideshare apps. Welcome has onboarded builders into its offer network for all 60+ counties where it operates. » AI Reviews are the next evolution of Welcome's proprietary land-vetting technology. Using predictive, AI-pow- ered models, Welcome can now auto- matically determine the buildability and estimated build cost for any given property. Welcome's AI models are trained on thousands of site assess- ments created by Welcome's in-house team of civil engineers. Typically, without the support of Welcome's technology, the property-vet- ting process could take anywhere from three weeks to three months. Before the introduction of AI, Welcome's vetting process took three hours. With AI, prop- erties are now vetted in seconds. Welcome has over 19,000 buildable, pre-vetted properties available on its platform, a 2,500% increase since the introduction of AI. Welcome Homes is projected to leverage this AI technology to rapidly expand into new markets in late 2023 and early 2024.