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Equifax Workforce Solutions unveiled its enhanced suite of Mortgage Complete products, specifically for mortgage originations. These products offer verifications and services, including the digital delivery of verification of income, re-verifications of income or employment and IRS Tax Transcript Fulfillment, according to a press release.
Mortgage Complete includes verifications provided by The Work Number database, which according to Equifax, helps to streamline the delivery of critical verifications. The company hopes to drive efficiencies including improved speed of loan acceptance and underwriting. With verifications and re-verifications automated, loan officers can spend less time requesting, confirming and assembling information required by underwriters and help move a loan more quickly through to closing, according to Equifax.
"Lenders and loan officers trying to keep up with both mortgage volume and the pandemic have become more agile and accepting of new technologies," said Joel Rickman, senior vice president of Verification Services at Equifax. "Mortgage Complete is an innovative delivery of the data they need, when they need it and in a format that helps eliminate some of the complexities of a document-heavy process that can create such a big drag on efficiency."
"Mortgage originations have historically been a paper-heavy process," said Craig Crabtree, senior vice president and general manager for Mortgage and Housing at Equifax. "The industry continues to make great progress in the digital transformation, and a key aspect of that is automating verifications, which creates efficiencies across the board and ultimately enables a more seamless experience for the buyer."
Equifax also noted that The Work Number database allows lenders with a permissible purpose to quickly and securely tap into more than 111 million active records from more than 1 million employer contributors, including those from thousands of small- to medium-sized businesses and independent contractors (1099s). With the use of Mortgage Complete, credentialled lenders can request verifications of income, reverifications, and IRS Tax Transcript Fulfillment in a single order, according to the press release.
Click here to learn more about Equifax's enhance Mortgage Complete products.