LoanPro, the modern lending and credit platform, announced today the launch of Smart Verify, a new suite of data solutions that integrate third-party data sources into their platform for rapid identity verification and ongoing monitoring for business and consumer accounts.

In today’s volatile market and ever-shifting regulatory landscape, financial institutions and other credit providers rely on outdated third-party data to make informed decisions when managing accounts in their portfolio. In many cases, failing to collect and verify data could put them at odds with regulatory requirements. Collecting and using the data, however, proves difficult on legacy platforms, with data siloed between different systems and requiring manual action to retrieve and document it.

LoanPro’s integrated data solutions will bolster clients’ compliance strategies and provide additional protection against credit risk, all without compromising operational efficiency. With Smart Verify, LoanPro customers can streamline and simplify their processes for account-disrupting events, such as bankruptcies, deaths, or lawsuits. Without these data tools, a lender trying to comply with the Servicemembers Civil Relief Act (SCRA) or Military Lending Act (MLA) would need to either request documentation from their customer or manually search for proof of their enlistment and active-duty status. LoanPro’s SCRA/MLA Verify streamlines this process into a one-click action, offering instant verification that benefits both the borrower and lender.

The new data solutions connect LoanPro’s platform to a wide range of trusted information, including government sources like the Department of Defense, Social Security Administration, and court records from countless jurisdictions across the United States. Data from these sources seamlessly integrate into LoanPro’s platform, implementing one-click tools that allow their clients to perform ongoing monitoring and ad hoc verifications without wasting their agents’ time on data entry or navigating other systems.

Colton Pond, LoanPro’s CMO, remarked on the new release. “The data is of course invaluable, but just as important is the direct connection to your credit platform. With LoanPro Smart Verify, credit and lending providers have a scalable and adaptive way to leverage this data in their everyday processes, replacing three to six vendors with a single, holistic solution. This allows them to simultaneously reduce risk, drive performance across their portfolio, and increase operational efficiency.”