Case Study: Gold Star Mortgage reaches 44% verification conversion with broader Argyle coverage
Key results
The challenge
Gold Star Mortgage Financial Group, an Ann Arbor-based retail lender with more than 50 branches and roughly $3 billion in annual volume, had a prior automated verification platform with a limited employer network and rigid borrower communications that produced poor conversion rates. Outside of database services, processors relied on manual verification, spending hours calling employers and chasing follow-ups, a burden that multiplied in rural markets with multiple recent employers.
The solution
Gold Star adopted Argyle for automated verification of income (VOI), employment (VOE) and assets (VOA), using consumer-permissioned payroll and bank connectivity integrated with its point-of-sale and loan origination systems. Reports can be refreshed before funding rather than re-verified manually.
“The cost of Argyle's platform versus going to independent third-party verification systems keeps our production costs down significantly-and this is why we are constantly pushing for higher engagement with our staff and clients.”
JPJared PetersonDivision Vice President, Gold Star Mortgage
The results, in context
Over the first 12 months following implementation, Gold Star achieved an average verification completion rate of 44% across VOI, VOE and VOA, a figure it expects to keep growing. Argyle's coverage came with verification costs up to 80% lower than legacy database solutions, freeing processor capacity without adding headcount.