CoreLogic says this will enable the company to deliver automated mortgage applicant employment with income verification as part of its Verification of Employment service, which provides mortgage professionals with a way to conduct third-party verification of a borrower's employment status and income.
The Work Number is a collection of payroll records contributed directly from employers, CoreLogic explains. Because the solution collects week-by-week salary information directly from employer payroll databases, it can return timely employment data that is up to date as of the last pay period. Plus, the historical records go back many years. Information collected includes length of employment, job titles, income and other location information, which can reduce the risk of liability over personal sources.
Historically, verification of employment was a manual process, requiring either verbal or faxed confirmations from the applicant's employer. With The Work Number, CoreLogic reports it is now able to provide its mortgage customers with instant access to nearly 220 million current and historical employment records, allowing verification requests to be handled in minutes as opposed to hours.
"With the recent implementation of the qualified mortgage rule, the need for third-party verification of employment and income has never been more important than it is now," says John Bauer, senior vice president for CoreLogic Credit Services.