Gateless VeriClear – Speed & Efficiency

Join us as Chris Smith from Mortgage Solutions, LLC pulls back the curtain on how Gateless VeriClear™ — our intelligent income verification application — is revolutionizing his workflow and delivering real results.

The lending world is rapidly evolving. Automation isn’t just for the big guys anymore; it’s a game-changer for everyone [00:05]. Chris Smith from Mortgage Solutions explains how Gateless Vericlear, their intelligent income verification application, is revolutionizing his workflow and delivering real results [00:18].

Christopher Smith highlights speed and efficiency as key impacts on their operation [00:35]. The market moves much quicker now, and people want a pre-approval that is almost guaranteed to close [00:43]. This ensures the pre-approval is legitimate and will lead to a successful closing 99% of the time [00:57].

MLOs (Mortgage Loan Originators) love the product because they can plug it into their system and get a quick response, especially with the “rep and warrant” feature [01:11]. This also helps underwriters process pre-approvals faster and reduces risk, particularly for those working with Freddy Mac, as the “rip and wart” (likely a mishearing of “rep and warrant”) is crucial [01:23]. This ultimately reduces buyback risk and simplifies the entire process [01:35].

Underwriters found it easy to adopt the product from day one, attributing this to the right culture and team [01:49]. The team at Gateless was fantastic in helping explain things, and the underwriters bought in after seeing the first report [02:01].

Regarding cost reduction, Smith notes less overtime as a significant benefit [02:16]. He emphasizes that it’s not just underwriters but also MLOs and processors who experience increased speed, leading to cuts in staff hours, which positively impacts the bottom line [02:23].

Christopher Smith concludes by stating that Gateless is one of their best partners, feeling like family [02:42]. He shares a quote from a CTO at the IMB, who said that success in the industry isn’t about technology but about taking the best care of clients, from lenders to borrowers and internally [02:54]. They strive for everyone to love doing business with them [03:09].