Equifax Inc. (NYSE: EFX) on Monday announced from the Mortgage Bankers Association’s Annual Convention & Expo that an enhancement will be made to U.S. Mortgage service orders to deliver The Work Number indicator, an instant, basic alert of whether an employment and income record exists on The Work Number database, the nation’s largest centralized repository of payroll data, managed by Equifax.
The Work Number indicator signals to lenders whether a borrower’s income and employment information is available within its database.
“As the industry continues to move toward a more streamlined, technology-enabled origination process, ready access to verifications data like income and employment are key to ensuring that the process isn’t hindered,” said Craig Crabtree, senior vice president and general manager of Equifax Mortgage and Housing Services. “When lenders utilize The Work Number indicator, they are able to more efficiently manage their workflows, ultimately resulting in an improved experience for borrowers and lenders alike.”
Equifax delivered double digit record growth to The Work Number database in 2017 and will include the indicator in early 2018 to provide lenders with confidence that income and employment data is available earlier in the origination process. Additionally, lender confidence in the availability of The Work Number data could reduce consumer requirements to provide income and employment documentation as part of the Fannie Mae Day 1 Certainty™ initiative.
