Equifax’s employment verification services, provided by Equifax Workforce Solutions (a business unit of Equifax Inc.) became available Dec. 10 as part of the Fannie Mae DU validation service. Equifax will now also offer asset verification services, available through its alliance with asset technology service provider AccountChek Company, LLC.
The employment and asset verification services join the instant and manual income verification services and the IRS tax transcript fulfilment service that were made available through the same program as of Oct. 24.
Integration of these verification services comes at a time when mortgage lenders are increasingly looking at ways to improve the customer experience, while limiting their risk. The automation of income and employment verification can help to reduce underwriting cycle times by lessening lenders’ reliance on applicant provided W-2s, pay stubs and other documentation.
The IRS tax transcript fulfilment services aids lenders in retrieving tax transcripts directly from the IRS and can provide added data around a consumer’s additional sources of income.
“The mortgage lending industry has never seen employment and income verification services backed by an unparalleled database and packaged together with asset verification services to support their underwriting needs – there is no doubt this is the new standard,” said Craig Crabtree, general manager of Equifax Mortgage Services. “Inclusion of this data in support of the verifications process within Fannie’s DU validation service will offer the mortgage industry a way to improve its process and help to mitigate risk.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.