New Solution Supports Lenders and Consumers with Instant Verification of Employment at Loan Closing
Equifax® (NYSE: EFX) is continuing its commitment to delivering the industry’s most comprehensive suite of mortgage verification solutions with the launch of Employment Select+™, a new offering that supports lenders and consumers during the critical stages of the loan closing process.
Leveraging the power of The Work Number® database, Employment Select+ is designed to aid originators at closing by providing an instant view into a borrower’s most recent 35 days of current and prior employment. This helps lenders satisfy government-sponsored enterprise (GSE) home loan requirements for obtaining a verification of employment within ten business days of closing.
“In today’s uncertain economic environment, it’s critical for lenders to have access to timely verification data at each stage of the mortgage process,” said Ashley Wood, Vice President, Mortgage Verification Services at Equifax Workforce Solutions. “By leveraging digital verification solutions such as Employment Select+, lenders are able to develop a more holistic view of an applicant’s ability to pay. This can give greater confidence to lenders, while helping to remove barriers to home ownership for consumers.”
Available to lenders via web or integrated channels, Employment Select+ returns only the most up-to-date employment data to assist in the loan closing process. Additionally, lenders can now access new versions of the standard mortgage verification solutions with a PDF receipt that provides documentation at order completion, helping them better manage loan costs.
Since pioneering automated verifications more than 25 years ago, The Work Number service has earned the trust of millions of employers, thousands of lenders, and GSEs (for their validation programs). Verifications through The Work Number allow credentialed lenders with permissible purpose to quickly and securely tap into the industry-leading, centralized commercial repository of income and employment information in the United States, with more than 618 million employment records from 2.7 million employers.
For more information on mortgage verifications delivered via The Work Number database, visit theworknumber.com.
Source: Equifax Press Release