“All Employers Within 60 Months™” and “Mortgage Select All™” Enhancements to Comprehensive Portfolio Provide Lenders with New Options to Meet Specific Decisioning Needs
Equifax® announced additional service enhancements to its comprehensive portfolio of verification solutions available to the mortgage industry. These new options are powered by The Work Number®, the industry-leading, centralized commercial repository of income and employment information in the United States.
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Lenders can now request “All Employers Within 60 Months™” to pull the prior five years’ of employment and income data available on The Work Number database. This helps create a more informed, expanded view of a potential borrower, particularly in complex underwriting situations. In addition, lenders can now choose “Mortgage Select All™” for verification of employment or income, which provides a complete view of all data available in The Work Number for an applicant at a single, fulfillment-based price point.
“Every home buyer is unique, and lenders need the ability to thoroughly assess each borrower’s situation using the most pertinent data,” said Ashley Wood, Vice President, Mortgage Verification Services at Equifax Workforce Solutions. “Our comprehensive suite of mortgage solutions allows lenders to select the verification type they need to help with loan decisioning, particularly for more complicated consumer income profiles.”
Many lenders pull two years’ of employment and income history for a mortgage application as a standard. But they may sometimes need to look deeper, especially if the lender is assuming the risk for the loan, the applicant has had employment disruptions, or if other complex income or employment scenarios exist. By leveraging All Employers Within 60 Months, lenders can gain a broader context for considering ability to pay and debt-to-income (DTI) ratio.
“Our instant mortgage solutions are powered by The Work Number, which is the gold standard for verifications of employment and income,” added Wood. “Our streamlined process starts with permissible purpose and provides transparency for everyone involved: consumers, employers, and verifiers.”
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One additional enhancement that lenders can now access is verification of employment (VOE) options with the same date filters that were previously only available for verification of income (VOI) orders. That includes options for All Employers Within 12 MonthsTM, All Employers Within 24 MonthsTM, and All Employers Within 36 MonthsTM. This is a further example of Equifax’s commitment to provide mortgage customers with the richest data and solution configurations to meet their specific needs.
Since pioneering automated verifications more than 25 years ago, The Work Number service has gained the trust of more than 2 million employer contributors, thousands of lenders, and government-sponsored enterprises (for GSE validation programs). Verifications through The Work Number allow credentialed lenders with permissible purpose to quickly and securely tap into the industry-leading, centralized commercial repository of income and employment information in the United States, with more than 125 million active records and 500 million total records.