From Application to Decision: Identity Checks Inside the Lending Workflow

Identity Checks in the Lending Workflow | Searchbug

The Challenge:

A lending application can move quickly from intake to underwriting, but identity questions can slow the handoff. A name may not match an SSN as expected, an address history may need review, or a watchlist result may require additional attention before the file moves forward.

FinCEN says banks subject to Customer Identification Program requirements must use risk-based procedures to verify customer identities to the extent reasonable and practicable. The operational issue is where those checks happen. When reviewers must leave the application to run separate lookups and bring the results back, identity review can become another manual step in the application process.

The Solutions:

Searchbug’s Investigate People APIs can bring identity, records, and watchlist checks into an onboarding or underwriting workflow through real-time XML or JSON. The results give the institution information to review within its own application process, without making approval, denial, or compliance decisions.

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