Equifax has launched Employment Select+, a solution to support lenders during the loan closing process. Leveraging the power of The Work Number database, Employment Select+ provides an instant view into a borrower’s most recent 35 days of current and prior employment. This helps lenders satisfy government-sponsored enterprise home loan requirements for obtaining a verification of employment within 10 business days of closing.
“By leveraging digital verification solutions such as Employment Select+, lenders are able to develop a more holistic view of an applicant’s ability to pay,” says Ashley Wood, vice president, mortgage verification services at Equifax Workforce Solutions. “This can give greater confidence to lenders while helping to remove barriers to homeownership for consumers.”
Employment Select+ is available to lenders via web or integrated channels.
Verifications through The Work Number allow credentialed lenders to quickly and securely tap into the industry-leading, centralized commercial repository of income and employment information in the United States, with more than 618 million employment records from 2.7 million employers.