As the mortgage industry evolves to become more consumer oriented, lenders and borrowers alike are seeking to gain operational efficiencies through quicker, paperless processes similar to the digital experiences many retailers offer.
To support these initiatives, Equifax Inc. (NYSE: EFX), a global information solutions company, has announced it is offering The Work Number Indicator, an instant alert of whether an employment and income record exists on The Work Number database, the nation’s largest centralized repository of payroll data, managed by Equifax.
The Work Number Indicator, delivered along with the credit report, proactively signals to lenders whether a borrower’s income and employment information is already available within Equifax’s U.S. database, which can help eliminate a tedious documentation process for borrowers, and significantly expedite the mortgage origination process for lenders.
AmeriSave Mortgage Corporation, for example, realized a 15 percent improvement in mortgage origination efficiency through the use of The Work Number report for verification of employment and income (VOE/VOI). For AmeriSave’s borrowers, this accelerated the path to closing by an average of five days – valuable time that helps enable borrowers to move into their homes quicker.
Source: Equifax Press Release