Fully automating the assessment of borrower income to meet underwriting and eligibility requirements
Equifax Inc. (NYSE: EFX), a global information solutions company, announced that it is working with Freddie Mac to create a simpler, faster and less costly path for lenders, and ultimately consumers, through its income verification tool, The Work Number®. The income data will be used as part of Freddie Mac Loan AdvisorSM automated income and asset assessment capabilities designed to make the mortgage origination process easier and more efficient, from point-of-sale to securitization.
“We’re focused on helping our lenders reduce costs, maintain high quality loans and deliver a superior borrower experience,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution, Single Family. “Our collaboration with Equifax to expedite the assessment of income is giving our clients this competitive advantage – the Freddie EdgeSM.”
“We’re thrilled to be working with Freddie Mac to reimagine and automate the mortgage experience and to ultimately provide the industry with insights to help drive more informed lending decisions,” said Jennifer Henry, Vice President of Equifax Mortgage Services. “We now support the two most prominent GSEs which gives lenders the flexibility they require to deliver a superior digitally-empowered customer experience.”
The Work Number database is the nation’s largest centralized repository of payroll data, managed by Equifax, and contains more than 350 million payroll records. Equifax made its income verification data available to Freddie Mac last year as part of a limited release. Freddie Mac plans to offer it broadly to its clients later this year.
Through Loan Product Advisor®, the cornerstone of Freddie Mac Loan Advisor Suite®, automated income and asset assessment capabilities provide lenders with confidence through relief from certain representations and warranties. It also addresses a top concern of many today: taking cost out of the origination process for lenders and borrowers.
About Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s
Source: Equifax Inc.