Case Study: First United Bank cuts verification costs by 65% with Argyle

First United Bank cuts verification spend by 65% with Argyle

First United Bank, a large privately held community bank, faced rising costs and process friction from third-party employment and income verifications in its mortgage operations. To control spending, they had shifted verifications later in the loan process, which reduced early borrower engagement. Their challenge was to restore point-of-sale verification to improve the customer experience without reintroducing unsustainable costs, leading them to partner with Argyle for its payroll-based verification of income and employment (VOI/VOE) service.

By implementing Argyle's native integration with its Encompass loan origination system and point-of-sale platform, First United Bank seamlessly restored verification to the start of the borrower journey. The solution from Argyle delivered a 65% reduction in verification costs, lowering monthly spend from approximately $125,000 to under $40,000. The bank also achieved a 47% borrower verification completion rate with no decline in its secondary market validation results, enabling a stronger borrower experience and improved operational efficiency.

First United Bank