Now that the Consumer Financial Protection Bureau’s (CFPB) Ability-to-Repay/Qualified Mortgage rule has been effective for two years, technology companies are working to provide tools that enable lenders to verify borrower information. The latest tool is VOE Xpress, a web-based solution developed by ComplianceEase that marries verification of employment, or VOE, and speed.

According to ComplianceEase, a division of LogicEase Solutions Inc., that provides automated compliance solutions to the financial services industry, VOE Xpress validates the borrower’s employment and income information via online search engines, employment verification databases and verbal and/or written confirmation from the borrower’s employer.

The solution then generates verification reports containing a borrower’s name, employment history, employment dates, employment status, job title and detailed compensation data, including wages, overtime, commissions and bonuses, if applicable. In some cases, salary history and expected future pay increases are also included in the report.

VOE Xpress users can place orders and download the results from ComplianceEase’s website or receive them within their proprietary production platform if they integrate it with ComplianceEase’s platform.

Al Ogrodski, senior vice president of Solution Strategy at ComplianceEase, said VOE Xpress enhances workflows and improves efficiency, and noted that “outsourcing the VOE functions to an industry leading compliance expert can further reduce costs and mitigate regulatory and credit risk.”

The CFPB’s ATR/QM rule took effect on Jan. 10, 2014. The rule requires all creditors to “make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling.” The rule established a 43-percent debt-to-income ratio threshold for qualified mortgages, as well as a temporary safe harbor for QMs with some subprime loans with more flexible underwriting requirements.

VOE Xpress provides independent authentication of borrower employment and income history to demonstrate the borrower’s ability to repay a mortgage as required by both the CFPB’s rule and government sponsored enterprises and investors.

“Documenting evidence of compliance using verification of employment is a foundational best practice for all lenders,” Ogrodski said.

Email Amy Swinderman.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription