See How eCBSV is faster, cheaper, less error-prone and requires less manual work.

Mortgage lenders processing SSA-89 forms are switching to Electronic Consent Based Social Security Number Verification, or eCBSV, because it’s faster, cheaper, requires less manual work and is less error-prone. This digital Social Security Number (SSN) verification service uses the same matching mechanisms as CBSV but allows users to interact with the Social Security Administration (SSA) database directly instead of using their web portal, resulting in:

• 5% decrease in mismatch rate from 10% to 5% of all applications, and
• Under 500 milliseconds response times consistently vs. processing times of days previously.

eCBSV also allows for the use of electronic signatures, which decreases the amount of friction experienced by the customer during the SSA-89 process.

SentiLink was the first service provider to integrate with the SSA to offer eCBSV to mortgage lenders in July 2020. As a result, we have developed a rich knowledge base of experience – including insights around typo rates, match rates, and latency – that needs to be considered when implementing eCBSV into workflows.

eCBSV Refresher

eCBSV is a service that the SSA launched in the summer of 2020. It is an API that validates a name, date of birth, and SSN combination in milliseconds and indicates whether the individual is deceased. The program can be accessed through specific service providers, and accepts electronic signatures on SSA-89 forms.

With digital consent from a consumer, a mortgage company can send an applicant’s name, date of birth and Social Security Number to the Social Security Administration via API. The SSA responds to that API call in less than a second and indicates whether that exact combination exists in its databases as well as if the individual is deceased.

In many cases, guidelines from FHA, Fannie Mae and Freddie Mac require SSN validation with the SSA-89 specifically, and eCBSV is the only digital, real-time validation that satisfies their requirements.

The State of eCBSV

As of mid-February 2021, the SSA has processed 3.5 million eCBSV requests from its pilot participants. The overall mismatch rate is around 5%. The expanded rollout, with participation from 10 times as many institutions, is anticipated in the middle of 2021.

SentiLink Insight on eCBSV

SentiLink has significant subject matter expertise on eCBSV. We’ve written a white paper on the topic, hosted a webinar to share early results in October 2020 and have posted insights on our blog.

We are also constantly analyzing performance of eCBSV and the benefits to mortgage lenders over paper-based SSA-89 forms.

Download our white paper, “Switching From Manual SSA-89 Forms To eCBSV” for more performance details and insights, or get in touch with us at Info@SentiLink.com to discuss specific use cases and implementations.

(Sponsored content includes material submitted independently of the Mortgage Bankers Association and MBA NewsLink and does not connote an MBA endorsement of a specific company, product or service. For more information about sponsored content opportunities, contact Bill Farmakis at bill@jlfarmakis.com or 203/834-8832.)