Glossary of Terms

Real-Time Data Validation

Definition

Real-Time Data Validation is the instant verification of borrower information to ensure accuracy, completeness, and compliance. This process prevents errors, fraud, and delays by cross-referencing applicant data against trusted financial, tax, and regulatory sources in real time.

Unlike traditional validation methods, which rely on manual reviews and post-submission corrections, Real-Time Data Validation eliminates bottlenecks by proactively flagging discrepancies before they impact loan decisions.

Why is it important to SBA Lending

SBA loans require accurate, up-to-date information for approval. Incomplete or incorrect submissions lead to costly delays and rejections. Real-Time Data Validation solves this by:
-Preventing errors & fraud: Flags inconsistencies in income, credit, or tax records instantly.
-Speeding up loan processing: Eliminates back-and-forth corrections between lenders and borrowers.
-Ensuring SBA compliance: Verifies that loan applications meet regulatory and underwriting requirements.
-Enhancing borrower experience: Provides immediate feedback, reducing confusion and frustration.

What role does Parlay Play

Parlay’s Real-Time Data Validation system helps lenders:
-Automate verification checks: Instantly cross-checks borrower financials with third-party data sources.
-Reduce underwriting time: Ensures loan applications move forward without unnecessary delays.
-Improve approval accuracy: Uses AI to detect risk factors and eligibility issues proactively.
-Enhance fraud prevention: Identifies potential fraudulent activity before it affects lending decisions.

Real-Time Data Validation ensures accuracy, compliance, and efficiency in SBA lending. Parlay’s AI-driven solution streamlines loan approvals, reduces risk, and enhances borrower trust in the lending process.