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Equifax Inc. has announced that its employment verification services, provided by Equifax Workforce Solutions (a business unit of Equifax Inc.) is now available as part of the Fannie Mae DU validation service. Equifax will now also offer asset verification services, available through its alliance with asset technology service provider, AccountChek Company LLC.
The integration of these verification services comes at a time when mortgage lenders are increasingly looking at ways to improve the customer experience, while 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 services 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 need—there is no doubt this is the new standard," said Craig Crabtree, general manager of Equifax Mortgage Services. "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.