Case Study: First Financial Bank cuts verification costs by more than 60% with Argyle
Key results
The challenge
First Financial Bank, a Texas-based institution headquartered in Abilene with a mortgage division supported by roughly 35 loan officers, had long relied on Equifax's The Work Number for verification of income and employment. Costs rose to the point where verification invoices came in thousands of dollars higher than credit report invoices, and database data sometimes lacked the detail needed, forcing manual follow-up and additional written verifications that made representations and warranties (R&W) relief harder to achieve.
The solution
First Financial adopted Argyle to combine direct payroll data connections with document-based income verification (Doc VOI) as a fallback, integrated into its nCino POS platform and Encompass loan origination system. Borrowers connect payroll and financial accounts directly at the point of sale.
“When our verification invoices started coming in thousands and thousands of dollars higher than our credit report invoices, it really forced us to take a closer look at other options.”
SSSue Ann ScottMortgage Business Analyst, First Financial Bank
The results, in context
First Financial reduced verification costs by more than 60%. Where database verifications could cost over $140 per file, Argyle-based verifications often cost well under $50 when borrowers connect their accounts, which happens for around 50% of borrowers when prompted through the POS. Doc VOI also increased R&W relief.