Equifax has added new service options to its verification solutions portfolio for the mortgage industry. These new options are powered by The Work Number, the centralized commercial repository of income and employment information in the United States.
Lenders can now request All Employers Within 60 Months to pull the prior five years’ of employment and income data available on The Work Number database. This helps create a more informed, expanded view of a potential borrower, particularly in complex underwriting situations. In addition, lenders can now choose Mortgage Select All for verification of employment or income, which provides a complete view of all data available in The Work Number for an applicant at a single, fulfillment-based price point.
“Every home buyer is unique, and lenders need the ability to thoroughly assess each borrower’s situation using the most pertinent data,” says Ashley Wood, vice president of mortgage verification services at Equifax Workforce Solutions. “Our comprehensive suite of mortgage solutions allows lenders to select the verification type they need to help with loan decisioning, particularly for more complicated consumer income profiles.”
Many lenders pull two years of employment and income history for a mortgage application as a standard. But they may sometimes need to look deeper, especially if the lender is assuming the risk for the loan, the applicant has had employment disruptions, or if other complex income or employment scenarios exist. By leveraging All Employers Within 60 Months, lenders can gain a broader context for considering ability to pay and debt-to-income (DTI) ratio.
“Our instant mortgage solutions are powered by The Work Number, which is the gold standard for verifications of employment and income,” adds Wood. “Our streamlined process starts with permissible purpose and provides transparency for everyone involved: consumers, employers, and verifiers.”
One additional enhancement that lenders can now access is verification of employment (VOE) options with the same date filters that were previously only available for verification of income (VOI) orders. That includes options for All Employers Within 12 Months, All Employers Within 24 Months and All Employers Within 36 Months.