Equifax Inc. has announced that its Spectrum Verification Services Platform, powered by data from The Work Number, completed more than nine million employment and income verifications in 2013, representing nearly one-third of the mortgage industry's total verifications for the year.
In today's real estate market, instant and increased transparency into a borrower's accurate income levels and employment status is a critical requirement. For lenders, these verifications have historically been manual, time-consuming processes that require confirmations from a wide range of sources. The Spectrum Platform streamlines the loan origination process by providing lenders with a fully automated verification solution that reduces fraud, improves overall loan quality and cycle times, avoids capacity issues and reduces costs.
"The increased emphasis on automation and third-party verification has transformed the overall mortgage process, making it much more efficient and productive for lenders," said Equifax Senior Vice Presidents Michael Kuentz and Craig Crabtree. "Our Spectrum Platform provides an unparalleled level of information and detail vital to the success of our lender clients, which is reflected in our established position as the market leader in verification of income and employment data."