AmeriSave Accelerates Mortgage Loan Originations by 15% with The Work Number®

As the mortgage industry moves towards a digital lending process, many lenders may be looking for ways to increase the automation of income and employment verification – so they don’t have to spend so much time collecting paystubs and W-2s.  AmeriSave Mortgage Corporation has been leveraging verification services from Equifax, including The Work Number®, to do just that. In fact, AmeriSave has seen a 15% improvement in mortgage origination efficiency as a result.

As of March 2018, AmeriSave has used The Work Number to verify income and employment for 80% of approximately 25,000 loans.  Additionally, they have verified W-2 information on more than 72% of applicants through the Equifax 4506-T tax transcript solution.  As a result, both AmeriSave and AmeriSave’s borrowers have benefitted.

infographicLender Benefits:

  • Streamlined Process
    Implementing a digitalized process from origination through funding has helped AmeriSave realize significant efficiency gains and eliminate friction for the borrower.
  • Greater Insight
    Automated access to The Work Number data means more knowledge into borrowers’ credit capacity, supporting operational efficiencies driven by Fannie Mae Day 1 Certainty™.
  • More Confidence
    Leveraging verification solutions from Equifax enables lenders to better evaluate a borrower’s ability to pay with greater confidence.

Borrower Benefits:

  • Faster Loans
    Quicker access to income and employment data means a shorter home loan process.  For AmeriSave borrowers, time to close has been shorted by five days.
  • Less Friction
    The Work Number helps eliminate a tedious documentation process involving pay stubs and tax documents.  As a result, the borrower does not have to spend time gathering an endless amount of pay-related documents.
  • Better Experience
    Efficiencies across the board mean less hassle between a borrower and their new home.

Verification solutions from Equifax have helped produce significant efficiency gains for AmeriSave staff while eliminating a tedious documentation process for its borrowers.  Click here to request to speak to an Equifax representative about how your organization could benefit in similar ways.