Mortgage

Equifax Augments Mortgage Verification Options with The Work Number

Equifax Augments Mortgage Verification Options with The Work Number
Written by Publishing Team

Equifax has added new service options to its suite of verification solutions for the mortgage industry. These new options are powered by Business Number, the central commercial repository of income and employment information in the United States.

Lenders can now require all employers within 60 months to pull the five years prior employment and income data available in the employment number database. This helps in creating a more informed and expanded view of the potential borrower, especially in complex underwriting situations. In addition, lenders can now choose Mortgage Select All to verify employment or income, providing a complete view of all data available in an applicant’s work number at a single fulfillment-based price point.

“Every home buyer is unique, and lenders need to be able to accurately assess each borrower’s situation using the most relevant data,” says Ashley Wood, Vice President of Mortgage Verification Services at Equifax Workforce Solutions. “Our comprehensive suite of mortgage solutions allow lenders to determine the type of verification they need to help decide on loans, particularly for more complex consumer income profiles.”

Many lenders pull two years of employment and income history to apply the mortgage as a standard. But sometimes they may need to look deeper, particularly if the lender is assuming the risk of the loan, the applicant is experiencing work disruptions, or if other complex income or employment scenarios exist. By taking advantage of all employers within 60 months, lenders can get a broader context for considering the ability to pay and the debt-to-income ratio (DTI).

“Our instant mortgage solutions are backed by the Business Number, the gold standard for employment and income verification,” Wood adds. “Our simplified process begins with a permissible goal and provides transparency to all involved: consumers, employers and investigators.”

One additional improvement that lenders can access now is the Verification of Employment (VOE) options using the same date filters that were previously only available for VOI verification. This includes options for all employers within 12 months, all employers within 24 months and all employers within 36 months.

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