New pre-qual offering will assist lenders in assessing borrowers earlier in the loan process
Equifax has announced the launch of Income Qualify, a product that delivers income and employment insights from The Work Number to mortgage lenders during the prequalification and pre-approval phase as a value-add alongside the Equifax consumer credit file.
Lenders are currently limited in their ability to confidently make prequalification offers. Income Qualify provides verified income and employment data earlier in the process, empowering mortgage lenders to conduct an initial assessment faster and with less burden on the borrower.
Joel Rickman, General Manager and Senior Vice President of U.S. Mortgage and Verification Services, Equifax
"Mortgage lenders are facing increased competition for qualified buyers. They need to be able to assess borrower eligibility and make critical lending decisions more quickly while also managing costs," said Joel Rickman, general manager and senior vice president of U.S. Mortgage and Verification Services at Equifax. "By delivering key income and employment data alongside our trusted credit report at the prequalification stage, Equifax is helping lenders act faster, support affordability, and move the borrower forward in the process with more confidence."
By leveraging data from The Work Number, Income Qualify provides the following data points alongside the Equifax Mortgage Credit Report, where available:
Name/SSN: Gain confidence in the name of the potential borrower.
Employer name: Capture the name of the borrower's employer, helping to reduce employer name match errors during later submission to government-sponsored enterprise (GSE) platforms.
Tenure: Provides confidence in the borrower's job tenure, and informs the lender on future income data needs for underwriting.
Prior-year total income: Allows for debt-to-income (DTI) ratio assessment and categorical confirmation of data provided on an application.
With this information available before origination, Income Qualify can help lenders assess borrowers earlier in the loan process. Additionally, it can help lenders manage costs by making more informed purchases of The Work Number at origination.
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