Equifax Introduces 'Mortgage Duo' Product

Equifax released its Mortgage Duo product in hopes to help mortgage bankers and brokers better accommodate co-borrower applications, according to a press release.

Mortgage Duo gives credentialed mortgage lenders, with permissible purpose, to leverage a single transaction through The Work Number database to return instant verifications of employment and income for joint applicants, according to the release. It eliminates the need for a lender to place individual orders for each borrower's report.

"We recognize that people often apply for mortgages with a co-borrower, such as a spouse," said Joel Rickman, senior vice president of Verification Services for Equifax. "The breadth of The Work Number database, with more than 111 million active records, allows us to deliver a new verification solution that helps lenders continue to build efficiency into their digital originations. With Mortgage Duo, they can instantly verify employment and income for both borrowers through a single automated transaction which helps decrease duplicative tasks and further reduces friction in the loan origination process."