verification of employment mortgage

Six Types of Businesses That Can Benefit from a VOE Provider

For many industries, the last two years have seen a drastic shift in how we do business. Some industries saw record-breaking revenues while others struggled to stay afloat. But one thing was the same for every company: every business was forced to take a deep, introspective look at its processes. This article will discuss employment verification and how it can help your business or government agency lower risk and costs.

Why Secure Verification of Employment is Essential

One of the areas that have become more important than ever for many businesses is the ability to accurately and securely perform verification of employment (VOE). As many companies were forced to go remote, this has given rise to many companies switching to VOE providers to assist their HR teams rather than trying to bear the burden of employment verification themselves. As more companies made the switch, they found that they were saving time and money, while protecting against fraud and reducing risk.

VOE is essential not just for HR managers, but also for the loan application process. Verification of employment mortgage is essential when banks and other lenders perform KYC (know your customer) procedures and draw up risk profiles when making a home or business loan. VOE providers help lower risk and bring down loan costs for everyone.

Does Your Company Use A VOE Provider?

Has your company made the switch to a VOE provider? If not, it’s time to strongly consider it to stay ahead of the curve, and not find yourself lagging behind.

Here are six industries that can benefit greatly from using a trusted VOE provider, and change the way they do business to keep up with the pace of the times we find ourselves now living in.

Six Businesses That Benefit From A Verification of Employment Solution

1. Automotive Industry: Automotive dealerships and the lenders they work with can greatly benefit from voe to help them build a more transparent and efficient car-buying process. Employment and income information is essential for setting rates for car loans.

2. Consumer Finance Industry: For companies that handle loans to consumers using a VOE provider allows them to make real-time and fully informed decisions when people apply for a loan. No matter if it’s a home loan or a loan for a small business, a loan officer needs employment verification information in order to reduce risk and lend money to the people who need it most.

3. Credit Card Industry: When it comes to approving people for lines of credit via credit cards, having a fast, reliable VOE provider can help companies mitigate risk and verify important details before approval. The ability to quickly verify employment status enables credit card applications to happen in minutes.

4. Government Sector: Even the government can experience the full benefit of having a clear picture of an individual’s employment history and income. Verifying employment can help when it comes to specific eligibility requirements for FNMA and GNMA loans as well as for programs such as unemployment insurance.

5. Mortgage Lending Industry: Not only can mortgage lenders more carefully vet their loan applicants, but they can also speed up the origination process for their clients. This can be crucial in competitive housing markets.

6. Don’t See Your Industry? A VOE Provider Can Still Help: If your company hires any employees, you can benefit from VOE as a pre-employment verification resource. This will allow you to make more precise, accurate, and informed hiring decisions based on verified data.

Quentelle Can Help Your Business

These are just some of the businesses that can benefit from a VOE provider– if you don’t see your industry listed, let’s have a conversation about how we can help your specific industry.

No matter what industry you’re in, Quentelle can help you with your verification of employment needs. We are the best in class when it comes to helping businesses just like yours quickly, securely, and easily get proof of employment or verify income.

Our software is smart and simple and will improve the way you handle the verification of employment moving forward. Contact us to schedule a demo.

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