Equifax Workforce Solutions introduces Mortgage Complete and Mortgage Complete Duo to support digital and traditional mortgage lending
ATLANTA, January 26, 2021 / PRNewswire / – Specifically tailored for mortgage credit, the enhanced offers Complete Equifax Mortgage Products (NYSE: EFX) Help provide US mortgage lenders with improved speed, quality, and customer satisfaction. Mortgage Complete is offered as a suite of key reviews and services, including digital delivery of income reviews, income or employment re-reviews, and IRS Tax Transcript Fulfillment, which are critical to the mortgage process, in a single order, improved cycle time and assertiveness, among others Mortgage lenders and brokers.
Mortgage Complete includes, among other things, verifications of The work numberⓇ Database that will help streamline the delivery of critical reviews, make the process more efficient, and improve the speed of loan acceptance and underwriting. With automated verifications and re-verifications, loan officers can spend less time requesting, approving, and compiling information needed by underwriters and getting a loan to close faster.
“Lenders and loan officers trying to keep up with both mortgage volumes and the pandemic have become more agile and embrace new technology,” said Joel Rickman, Senior Vice President of Verification Services at Equifax. “Mortgage Complete is an innovative way of getting the data you need, when you need it, in a format that helps remove some of the complexities of a document-heavy process that can be so damaging to efficiency.”
Both home buyers and loan officers can have a better experience when lenders use solutions like Mortgage Complete. Loan applicants can find it tedious to request, find, and submit required documents such as pay slips and tax forms, and financial institutions can find it difficult to securely track these documents once they are received, especially if they come in a variety of formats: mail, email , Fax, or photos. When you consider that many paper documents are required at least twice, if not multiple times, during mortgage loan creation, it becomes clear how costly it can be for lenders to stay paper-based.
“Applying for mortgages has historically been a paper-heavy process,” said Craig Crab Tree, Senior Vice President and General Manager for Mortgage & Housing at Equifax. “The industry continues to make great strides in digital transformation, and a key part of this is automating verification, which creates efficiency across the board and ultimately enables a more seamless experience for the buyer.”
With more than 51 million active records added since 2016, the growth of The Work Number database enables legitimate lenders to quickly and securely access more than 111 million active records from more than 1 million employers, including thousands of small and medium-sized employers Businesses, medium-sized businesses and independent contractors (1099s). With the use of Mortgage Complete, certified lenders can request income reviews, re-verifications, and IRS tax certification compliance in a single order.
More information on Mortgage Complete and, for co-borrowers, Mortgage Compete Duo can be found here here.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe that knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, corporations, employees, and government agencies make critical decisions with greater confidence. Our unique mix of differentiated data, analytics and cloud technologies provides insights to make decisions that move people forward. Headquarters in Atlanta and backed by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries North America, Central and South America, Europe, and the Asia Pacific Region. Visit Equifax.com for more information
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SOURCE Equifax Inc.