Equifax has made it easier to verify borrower’s income

Equifax has launched a new alert which instantly informs mortgage lenders whether a borrower’s income and employment information is available on the Work Number Database.

The Work Number Indicator aims to expediate the mortgage application process as the mortgage industry increasingly moves towards digital solutions.

"As the industry continues to move toward a more streamlined, technology-enabled origination process, ready access to verifications data like income and employment are key to ensuring that the process isn't hindered," said Craig Crabtree, SVP and general manager of Equifax Mortgage and Housing Services.

The new alert is delivered along with the credit report and can help eliminate a tedious documentation process for borrowers, and significantly expedite the mortgage origination process for lenders.

Equifax says that in the case of AmeriSave Mortgage Corporation, there was 15% improvement in mortgage origination efficiency from using The Work Number report.

 "When lenders use The Work Number Indicator, they are able to more efficiently manage their workflows, ultimately resulting in an improved experience for borrowers and lenders' staff alike."