How Lenders are Using Technology to Increase Consumer Satisfaction
It’s a pivotal moment for the mortgage industry as it strives to become more consumer oriented. Lenders and borrowers are searching for operational efficiencies through quicker, paperless processes — similar to the digital experiences many retailers offer.
In an effort to meet these consumer expectations, Equifax now offers The Work Number Indicator. The Work Number Indicator gives lenders an instant alert if an employment and income record exists on The Work Number database, the nation’s largest centralized repository of payroll data.
As a result, it helps reduce friction between consumers and lenders early in the process.
The Work Number Indicator is delivered along with the credit report. It proactively signals to lenders whether a borrower’s income and employment information is already available within Equifax’s U.S. database. Ultimately, this can help eliminate a tedious documentation process for borrowers because it expedites the mortgage origination process for lenders.
Lenders are seeing strong results. For example, AmeriSave Mortgage Corporation reported a 15 percent improvement in mortgage origination efficiency because it could verify employment and income with The Work Number. As a result, AmeriSave says it accelerated the path to closing by an average of five days. That translates into happier borrowers who can move into their homes sooner.
Contact us for more information about The Work Number.
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