Equifax reports that its employment and asset verification services are now compatible with Fannie Mae’s Desktop Underwriter (DU) Validation Service.
Equifax previously announced that its income verification and IRS tax transcript fulfillment services are now compatible with the DU Validation Service, which became available on Dec. 10.
Equifax’s employment verification services are provided by Equifax Workforce Solutions, a business unit of Equifax Inc.
Equifax also offers asset verification services through its alliance with FormFree, which offers the AccountChek asset verification service.
The integration of employment and asset verification services, along with the IRS tax transcript fulfillment service, comes at a time when mortgage lenders are increasingly looking at ways to improve the customer experience, while also limiting their risk.
The automation of income and employment verification can help to reduce underwriting cycle times by lessening lenders’ reliance on applicant-provided W-2s, pay stubs and other documentation. The IRS tax transcript fulfillment service aids lenders in retrieving tax transcripts directly from the IRS and can provide added data around a consumer’s additional sources of income.
“The mortgage lending industry has never seen employment and income verification services backed by an unparalleled database and packaged together with asset verification services to support their underwriting needs – there is no doubt this is the new standard,” says Craig Crabtree, general manager of Equifax Mortgage Services, in a release. “Inclusion of this data in support of the verifications process within Fannie’s DU validation service will offer the mortgage industry a way to improve its process and help to mitigate risk.”