Mortgage lenders can now instantly verify borrower income and employment information with Experian Verify™
In a move to provide mortgage lenders and borrowers a more efficient and streamlined verification experience, Experian® has announced Experian Verify™ can now be accessed through Freddie Mac’s Loan Product Advisor® asset and income modeler (AIM). The move gives mortgage lenders the opportunity to leverage the most up-to-date employer payroll data to verify income and employment information while delivering a frictionless experience for borrowers.
“Ensuring mortgage lenders have access to the most reliable and accurate information available to make confident lending decisions is important at any time, and this is especially true in our current environment,” said Michele Bodda, President of Experian Mortgage, Verification Solutions and Employer Services. “This new partnership with Freddie Mac is another important milestone in our journey to unlock the modern mortgage. Together, we can help ensure more lenders have instant access to the best insights while improving the homebuying experience for borrowers.”
AIM provides lenders with a simpler and more efficient loan origination process by leveraging third-party service providers like Experian to automate traditionally manual processes for assessing borrower income and employment. The addition of Experian Verify provides lenders with new options while adding an additional layer of flexibility and ease to the verification process.
“Partnering with third-party service providers like Experian ensures we can deliver the best tools and insights the industry has to offer,” said Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Partnerships. “This collaboration will assist lenders with quickly and easily obtaining income and employment verification.”
Coupled with Experian’s recent move to become an authorized report supplier for Fannie Mae’s Desktop Underwriter® (DU®) validation service, this move makes Experian one of the few providers who are authorized report suppliers for both government-sponsored enterprises (GSEs).
To learn more about Experian’s income and employment verification solutions, please visit www.experian.com/verify-mortgage.
Source: Experian Press Release