Point Predictive’s IncomePass™ Helps SoFi Expedite Personal and Student Loan Offers
SAN DIEGO – May 10, 2022 – Point Predictive, the San Diego-based company providing artificial intelligence (AI) risk solutions to lenders and credit providers, today announced its partnership with SoFi. SoFi, a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions, has implemented Point Predictive’s IncomePass™ solution, which validates borrower income in real time against millions of reported and validated incomes to determine the probability of income misrepresentation or fraud.
With accuracy rates of over 90% for income ranges, IncomePass uses a combination of artificial intelligence (AI) and reported and validated income data, such as an applicant’s income, employer, employment duration, occupation, job title, and others information from over 125 million previous applications to predict and validate a loan applicant’s income. By removing friction from the application process, IncomePass reduces applicant abandonment rates, eliminates the need for proof of income, such as paycheck stubs and bank documents, and determines the likelihood of early payment default.
IncomePass detects over 80% of fabricated incomes, empowering lenders to reduce errors associated with manual reviews, eliminate reliance on forged and fabricated pay stubs and retire outdated and expensive legacy tools traditionally used to verify income.
“We are grateful to partner with organizations like SoFi who share our commitment to elevating the borrower experience,” said Tim Grace, Chief Executive Officer at Point Predictive.
“IncomePass enables lenders to accurately validate income on all of their borrowers in real-time cost-effectively. Before leveraging Point Predictive’s proprietary data repository, lenders were forced to pay cost prohibitive rates to verify income on only a small segment of their overall portfolios or manually review such large volumes of paycheck stubs that even the 1 in 8 fabricated ones were often missed. IncomePass is a game-changing contributor to the automation efforts lenders are moving towards today.”
About Point Predictive
Located in San Diego, California, Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30-50%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.7 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download the SoFi iOS and Android apps.