New Reverification Options Harness Automation to Support a Seamless Customer Experience
Equifax® (NYSE: EFX) has announced new options for mortgage lenders leveraging its manual verifications of employment and income from Workforce Solutions, including new automated ordering of reverifications of employment (RVOE) and additional Priority Next Day™ and Priority Two Day™ options. By offering an RVOE with a verification of employment (VOE) or verification of income (VOI) solution, Equifax is helping lenders to satisfy government-sponsored enterprise (GSE) or internal reverification requirements while reducing friction in the lending process.
“As mortgage lenders are re-evaluating their processes with a focus on efficiency and customer experience, we believe they will see our enhancements as a winning combination: new automated ordering options for reverification and options for faster delivery,” said Scott Maxfield, Vice President for Verifications at Equifax Workforce Solutions. “These enhancements bolster our ability to provide the complete verification coverage that mortgage lenders need at each stage of the process, from loan origination through post-close.”
Manual verifications from Equifax complement the instant service provided by The Work Number® database, the industry-leading centralized commercial repository of income and employment information in the U.S. When information is not instantly available digitally through The Work Number, the manual verification options also have built-in automation to help keep decision processes moving forward.
There are two ways to purchase the new enhanced manual reverification options: either up front or by adding the “set it and forget it” automated feature to a standard or Priority solution before completing the order. Either way, lenders can receive a single convenient price and a reverification, either on their selected date or on the default date of 30 days post-order. In addition, lenders can choose between standard turnaround and expedited Priority Next Day or Priority Two Day turnaround for their initial verifications, offering more flexibility to keep the lending process moving forward.
The new enhanced reverification solutions are available now, and the new Priority reverification solutions will be available September 14. Standalone manual verifications are still available for individual purchase, including solutions for self-employed individuals as well as expedited Priority solutions. For more information on this and other verification services available from Equifax, click here.
Source: Equifax Press Release
