Home > Introduction

 

Overview

Verification of Employment (VOE)

The Verification of Employment (VOE) returns the borrower’s employment details including the hire date, period of employment,and employer information along with the other details, which can be used to validate the borrower’s employment details that is stated on the loan application. The employment data for the past three years can be retrieved from the VOE service.

VOE has two modes of verifications: Instant, which is a synchronous process and Researched Verification (RV),which is an asynchronous process that takes up to two to three days to retrieve the data. The time taken for the RV mode is due to the manual verification in case of a 'No Hit' in the Instant VOE mode.

The VOE service also supports an integrated mode, the Waterfall that starts as an instant request and ends if there is a hit in Equifax database. Otherwise, in a No-Hit scenario, it automatically moves into the Researched Verification mode for an asynchronous manual processing.

Note: An estimated 60% – 70% of all the VOE requests need to go into the Researched Verification flow due to a No-Hit in Instant Mode.

 

FinConnect supports the Verification of Employment service through the following provider:

• Equifax Work Number® VOE

Product code

Version

Supported Operations

EQF_VOE_SER

 

 Instant Submit Request; Researched Verification (RV) Submit Request; Status Query Request, Waterfall Request, ReVerify

 

Payroll Services

FinConnect supports the Payroll services through the following provider:

Product code

Version

Supported Operations

PAY_VER_SER

v3

 Get All Providers, Get Payroll Providers, Get Login Credentials, Initial Login Request, Get Payroll Data Link, Get Direct Deposit Info, Get Paystub Summary Data, Get W2 Summary Data, Get Paystub Document, Get W2 Document, Close Active Connection, MFA Login Request, MFA Select Option Request

 

PointServ’s proprietary technology directly sources all financial documents required for a loan, eliminating the chances of fraud. The PointServ’s proprietary connections provide the lenders access to full and complete borrower account information from all the top financial institutions in the USA and the UK. The reports include the actual PDF statements (paystubs and W2 forms) issued by the payroll providers as well as all the direct deposit account details.