Equifax Introduces 'Mortgage Duo' Product
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."
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