Two major names in finance have announced improvements which they say will improve the mortgage application process for lenders and homebuyers
Two major names in finance have announced improvements which they say will improve the mortgage application process for lenders and homebuyers.
Quicken Loans is involved in a Single Source Validation pilot with Fannie Mae which will enable homebuyers and refinancing homeowners to validate assets, employment and income details in one step, as an enhancement to Fannie’s DU service.
It works by automatically importing financial data from the applicant’s bank including employment information. Quicken says it cuts 12 days from the mortgage application process.
“In addition to the added speed and convenience, this is also a major accomplishment in making the process safer and more accurate – because we are gathering robust data directly from the source,” said Jay Farner, Quicken Loans CEO.
If the pilot is successful, there will be a full roll-out in 2018.
Meanwhile, Equifax will make it easier for lenders using its US Mortgage service to assess borrowers’ employment status.
The Work Number indicator will give an instant, basic alert of whether an employment and income record exists on The Work Number database, the nation's largest centralized repository of payroll data, managed by Equifax.
"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, senior vice president and general manager of Equifax Mortgage and Housing Services.
Quicken Loans is involved in a Single Source Validation pilot with Fannie Mae which will enable homebuyers and refinancing homeowners to validate assets, employment and income details in one step, as an enhancement to Fannie’s DU service.
It works by automatically importing financial data from the applicant’s bank including employment information. Quicken says it cuts 12 days from the mortgage application process.
“In addition to the added speed and convenience, this is also a major accomplishment in making the process safer and more accurate – because we are gathering robust data directly from the source,” said Jay Farner, Quicken Loans CEO.
If the pilot is successful, there will be a full roll-out in 2018.
Meanwhile, Equifax will make it easier for lenders using its US Mortgage service to assess borrowers’ employment status.
The Work Number indicator will give an instant, basic alert of whether an employment and income record exists on The Work Number database, the nation's largest centralized repository of payroll data, managed by Equifax.
"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, senior vice president and general manager of Equifax Mortgage and Housing Services.
