CoreLogic has announced an agreement to offer The Work Number, as part of the CoreLogic Credco Verification of Employment service. The Work Number, a solution offered through Equifax Workforce Solutions, is the largest collection of payroll records contributed directly from employers. The agreement enables CoreLogic to deliver automated mortgage applicant employment with income verification as part of their Verification of Employment service.
The Verification of Employment service provides mortgage professionals with an efficient way to conduct third party verification of a borrower’s employment status and income. Historically, verification of employment was a manual process, requiring either verbal or faxed confirmations from the applicant’s employer. With The Work Number, CoreLogic 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,” said John Bauer, senior vice president for CoreLogic Credit Services. “The inclusion of The Work Number data into our Verification of Employment service means that one in four requests will receive instant, up-to-date information on a borrower’s employment status, saving clients valuable time and keeping their application pipeline moving forward.”
Because The Work Number 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.
“We are pleased to deliver with CoreLogic a unique verification of employment and income solution to the mortgage marketplace while advancing best practices in the industry,” said Michael Kuentz, senior vice president for Equifax Verification Services.