Frequently Asked Questions
You have questions. We have answers.
What use cases does Informed IQ support today?
For the entire consumer lending industry, we support employed, self-employed, and retired individuals in the US who need to prove income, insurance, identity, and/or residence; also known as consumer stipulations. For auto, RV and power sports lenders we support dealer document verification for vehicles financed, usually indirectly, in the US.
How does Informed verify income?
We verify income by extracting the necessary fields from an income document (paystub, bank statement, and more), and then performing calculations per our lenders’ credit policies. We also have integrations with third party consumer permission data providers that we can integrate into our consumer outreach product. Using the data, we provide an income calculation and compare it to the applicant’s stated income according to each of our lenders’ income thresholds.
How does this solution fit into my workflow?
Our products are integrated at different points in our lenders’ loan origination process. We provide income calculation and other credit stipulation clearances at underwriting. For our auto lenders/dealers, we also provide dealer document verifications prior to funding. We can pass back verifications programmatically to an LOS/POS/DMS, or we have a GUI that can be embedded or used as a stand alone portal.
What happens if a stipulation needs manual review?
For deal jackets that have a defect or a required field was not extracted, we point your funding team to the exact form/page in the deal jacket for quick servicing. Identifying these defects in real-time enables lenders to reach out to the dealer or credit applicant while they are working on the deal and the details are fresh, instead of having to “context switch” later.
What are the most common defects that Informed is identifying?
For consumer verifications the most common defects we identify are income mismatches, fraudulent paystubs, and employer name mismatch. For dealer documents the most common defects include missing signatures, premium on RISC does not match premium on aftermarket doc, and missing aftermarket product documents that are itemized on RISC or required by state regulations.
What happens when a document is received but is not recognized by you?
We will label the document as Unknown.
How does Informed IQ determine which stipulations can/should be cleared?
For our credit stipulations (income, residence, identity, etc) we receive the requested stips and the expected values as part of the API request. For dealer document verifications we auto-stip for certain state required documents (Vermont Negative Equity Form), and then use the RISC or EContract data to auto-stip for the aftermarket documents that are itemized in the contract.
What are Informed fraud capabilities?
Informed’s Knowledge Graph engines use AI and ML to detect fraudulent paystubs & applicant income mis-statements Aside from the income mis-statement check, we have a contributory database of fraudulent paystub templates. Using machine learning, we can flag fraudulent paystub templates at a high degree of accuracy. We are constantly improving our fraud detection through automation in an ever changing dynamic landscape.
Do you offer assistance implementing your service?
The team is here to ensure your continued success with Informed’s products and services, and is available to discuss questions or issues and share best practices, industry trends and benchmarks.
The Customer Success team will support you through:
- Long term technical support
- Support for changes or updates to your lender rules
- Support changes to your configuration
- Communication of updates, and new features
- Quarterly Business Reviews