Equifax Releases New Mortgage Verification Product
Equifax announced a new verification solution for mortgage loans, All Employers Within 90 Days.
Powered by The Work Number, the program is part of its commitment to bring extensive verification solutions to the mortgage industry.
Mortgage pros can use All Employers Within 90 Days to verify borrowers’ income and employment information from the previous 90 days. A narrow verification period is idea for situations when a borrower has been employed at the same job for a long time, so verification records beyond 90 days are unnecessary.
“Lenders have many choices when it comes to verifying income and employment information, from in-house or consumer-provided options to working with external companies,” said Joel Rickman, Senior Vice President, Verification Services, Equifax Workforce Solutions.
“At Equifax, we offer a variety of tailored verification solutions that were developed specifically with mortgage lenders in mind. By offering different types and levels of data at various price points, many lenders are able to find an Equifax solution that meets their specific requirements.”
On top of this product launch, Equifax says it has modified its All Employers Within 12 Months and All Employers Within 24 Months offerings to give lenders a smoother billing process.
“In today’s mortgage market, our customers need solutions that drive speed and reduce fallout,” said Chris Mock, VP, Mortgage Verification Services at Equifax Workforce Solutions.
“Lenders that utilize automated mortgage verification solutions can better provide the type of fast and seamless purchase process that homebuyers have come to expect. And with the variety of solutions available from Equifax, lenders can choose just the records they need to lend confidently.”
Atlanta-based Equifax is a global data, analytics, and technology company with nearly 15,000 employees worldwide.
This year, it announced a transition to cloud and artificial intelligence technology. Nearly 90% of its new models and scores are now being built using AI and machine learning.
It reported $1.43 billion in revenue for Q2 2024, a YOY increase of 8.6%.