Equifax Introduces First-in-Market Mortgage Solution that Delivers Credit Report Alongside Employment Status from The Work Number®
Equifax (NYSE: EFX) has unveiled a groundbreaking mortgage solution called The Work Number® Report Indicator, delivering credit reports alongside employment status verification early in the mortgage qualification process. This innovation is powered by the Equifax Cloud™, representing a $1.5 billion technology investment.
The solution enables mortgage lenders to instantly verify if applicants have verification of income and employment (VOIE) records in The Work Number database alongside their creditworthiness assessment. Key benefits include:
- Streamlined loan processing with faster workflows
- Enhanced cost efficiency in verification expenses
- Improved borrower experience with reduced documentation requirements
- Competitive advantage through early access to income and employment insights
The technology leverages Equifax's data fabric, which unifies over 100 data sources while maintaining regulatory compliance. For borrowers, this means exploring loan options without credit score impact and potentially faster approval processes when VOIE is available.
Equifax (NYSE: EFX) ha svelato una soluzione ipotecaria innovativa chiamata The Work Number® Report Indicator, che fornisce rapporti di credito insieme alla verifica dello stato occupazionale all'inizio del processo di qualificazione per il mutuo. Questa innovazione è supportata da Equifax Cloud™, che rappresenta un investimento tecnologico di 1,5 miliardi di dollari.
La soluzione consente ai finanziatori di mutui di verificare istantaneamente se i richiedenti hanno registrazioni di verifica del reddito e dell'occupazione (VOIE) nel database di The Work Number, insieme alla loro valutazione di solvibilità. I principali vantaggi includono:
- Processo di prestito semplificato con flussi di lavoro più rapidi
- Migliore efficienza dei costi nelle spese di verifica
- Esperienza migliorata per i mutuatari con requisiti di documentazione ridotti
- Vantaggio competitivo grazie all'accesso anticipato a informazioni su reddito e occupazione
La tecnologia sfrutta il tessuto dati di Equifax, che unifica oltre 100 fonti di dati mantenendo la conformità normativa. Per i mutuatari, questo significa esplorare opzioni di prestito senza impatto sul punteggio di credito e potenzialmente processi di approvazione più rapidi quando il VOIE è disponibile.
Equifax (NYSE: EFX) ha presentado una solución hipotecaria innovadora llamada The Work Number® Report Indicator, que ofrece informes de crédito junto con la verificación del estado laboral al inicio del proceso de calificación hipotecaria. Esta innovación está impulsada por Equifax Cloud™, que representa una inversión tecnológica de 1.5 mil millones de dólares.
La solución permite a los prestamistas hipotecarios verificar al instante si los solicitantes tienen registros de verificación de ingresos y empleo (VOIE) en la base de datos de The Work Number, junto con su evaluación de solvencia. Los beneficios clave incluyen:
- Procesamiento de préstamos más ágil con flujos de trabajo más rápidos
- Mayor eficiencia de costos en los gastos de verificación
- Mejor experiencia para el prestatario con requisitos de documentación reducidos
- Ventaja competitiva a través del acceso anticipado a información sobre ingresos y empleo
La tecnología aprovecha la estructura de datos de Equifax, que unifica más de 100 fuentes de datos manteniendo el cumplimiento normativo. Para los prestatarios, esto significa explorar opciones de préstamo sin impacto en el puntaje de crédito y potencialmente procesos de aprobación más rápidos cuando el VOIE está disponible.
에퀴팩스 (NYSE: EFX)가 The Work Number® Report Indicator라는 혁신적인 모기지 솔루션을 발표했습니다. 이 솔루션은 모기지 자격 심사 초기 단계에서 신용 보고서와 고용 상태 확인을 함께 제공합니다. 이 혁신은 Equifax Cloud™에 의해 지원되며, 15억 달러의 기술 투자로 이루어졌습니다.
이 솔루션은 모기지 대출 기관이 신청자가 The Work Number 데이터베이스에 소득 및 고용 확인(VOIE) 기록이 있는지 즉시 확인할 수 있게 합니다. 주요 이점은 다음과 같습니다:
- 더 빠른 작업 흐름으로 간소화된 대출 처리
- 검증 비용의 효율성 향상
- 문서 요구 사항 감소로 개선된 차용인 경험
- 소득 및 고용 통찰력에 대한 조기 접근을 통한 경쟁 우위
이 기술은 규제 준수를 유지하면서 100개 이상의 데이터 소스를 통합하는 에퀴팩스의 데이터 패브릭을 활용합니다. 차용인에게는 신용 점수에 영향을 주지 않고 대출 옵션을 탐색할 수 있으며, VOIE가 제공될 경우 더 빠른 승인 프로세스를 경험할 수 있습니다.
Equifax (NYSE: EFX) a dévoilé une solution hypothécaire révolutionnaire appelée The Work Number® Report Indicator, fournissant des rapports de crédit ainsi qu'une vérification du statut d'emploi dès le début du processus de qualification hypothécaire. Cette innovation est alimentée par Equifax Cloud™, représentant un investissement technologique de 1,5 milliard de dollars.
La solution permet aux prêteurs hypothécaires de vérifier instantanément si les demandeurs disposent d'enregistrements de vérification de revenus et d'emploi (VOIE) dans la base de données de The Work Number, en plus de leur évaluation de solvabilité. Les principaux avantages incluent :
- Traitement des prêts rationalisé avec des flux de travail plus rapides
- Amélioration de l'efficacité des coûts liés aux dépenses de vérification
- Expérience améliorée pour les emprunteurs avec des exigences documentaires réduites
- Avantage concurrentiel grâce à un accès anticipé aux informations sur les revenus et l'emploi
La technologie tire parti du tissu de données d'Equifax, qui unifie plus de 100 sources de données tout en maintenant la conformité réglementaire. Pour les emprunteurs, cela signifie explorer des options de prêt sans impact sur le score de crédit et potentiellement des processus d'approbation plus rapides lorsque le VOIE est disponible.
Equifax (NYSE: EFX) hat eine bahnbrechende Hypothekenlösung namens The Work Number® Report Indicator vorgestellt, die Kreditberichte zusammen mit der Überprüfung des Beschäftigungsstatus früh im Hypothekenqualifizierungsprozess bereitstellt. Diese Innovation wird durch die Equifax Cloud™ unterstützt und stellt eine Technologieinvestition von 1,5 Milliarden Dollar dar.
Die Lösung ermöglicht es Hypothekengebern, sofort zu überprüfen, ob Antragsteller über Verifizierungsunterlagen zu Einkommen und Beschäftigung (VOIE) in der Datenbank von The Work Number verfügen, zusammen mit ihrer Bonitätsbewertung. Zu den wichtigsten Vorteilen gehören:
- Vereinfachte Kreditbearbeitung mit schnelleren Arbeitsabläufen
- Erhöhte Kosteneffizienz bei Verifizierungsausgaben
- Verbesserte Erfahrung für Kreditnehmer durch reduzierte Dokumentationsanforderungen
- Wettbewerbsvorteil durch frühzeitigen Zugang zu Einkommens- und Beschäftigungsinformationen
Die Technologie nutzt das Datengewebe von Equifax, das über 100 Datenquellen einheitlich zusammenführt und gleichzeitig die regulatorische Compliance aufrechterhält. Für Kreditnehmer bedeutet dies, dass sie Kreditoptionen ohne Auswirkungen auf die Kreditwürdigkeit erkunden und potenziell schnellere Genehmigungsprozesse erleben können, wenn VOIE verfügbar ist.
- Launch of innovative mortgage solution combining credit reports with employment verification
- $1.5 billion technology investment in Equifax Cloud platform
- Integration of data from over 100 sources through custom data fabric
- Position as industry-leading commercial source of employment information in the US
- None.
Insights
Equifax's launch of The Work Number Report Indicator represents a strategic enhancement to their mortgage solutions portfolio by combining two of their most valuable data assets. This solution delivers credit reports alongside employment verification status earlier in the mortgage qualification process, creating a differentiated offering in the highly competitive mortgage services market.
The product leverages Equifax's substantial $1.5 billion investment in cloud technology transformation, specifically their custom data fabric that unifies over 100 previously siloed data sources. This infrastructure investment is now bearing fruit through new product innovations that would have been technically challenging under their legacy systems.
From a competitive standpoint, this integration gives Equifax a first-mover advantage in providing consolidated creditworthiness and employment verification data at the prequalification stage. By streamlining the verification process, Equifax positions itself to capture greater market share in mortgage verification services while potentially improving operational efficiency for lenders.
The strategic importance lies in Equifax's ability to monetize their existing data assets in new ways. By bundling these services, they can potentially increase revenue per mortgage application while providing added value that addresses pain points in the lending workflow. While no specific revenue projections are provided, this product strengthens Equifax's value proposition in the mortgage services segment, which has been a key focus area following their 2017 data breach recovery efforts.
The Work Number® Report Indicator Delivered with Equifax Credit Report Provides Quicker Insights on Consumer Creditworthiness Alongside Employment Status to Accelerate Mortgage Qualification Early in the Lending Process
Today's competitive lending environment requires a fuller view of consumers' financial profiles, and Equifax is committed to supporting the mortgage industry through an extensive set of data-driven solutions. The Work Number Report Indicator notifies mortgage lenders upfront if an applicant has a verification of income and employment (VOIE) record on The Work Number database. Delivering this information alongside its mortgage prequalification credit report, Equifax is enabling mortgage lenders to instantly obtain information about both an applicant's creditworthiness and employment status.
This innovation is enabled by the company's more than
"At Equifax, we strive to create unique solutions that will move the mortgage market forward by offering greater levels of visibility into a consumer's financial health, streamlining the mortgage underwriting process and allowing more consumers to benefit from homeownership," said Joel Rickman, General Manager and Senior Vice President of
The Work Number Report Indicator enables lenders to:
- Gain a Competitive Edge - Leverage unique income and employment insights at prequalification to strengthen decision making, while also gaining deeper insight about risk.
- Improve Cost Efficiency - Know when a VOIE is available to help manage verification expenses and better predict cost to close.
- Streamline Loan Processing - Segment borrowers efficiently for a faster, more predictable workflow.
- Accelerate the Path to Conversion - Prioritize the borrowers' process earlier, while providing confidence in future debit-to-income ratio calculations.
- Enhance Borrower Experience - Reduce documentation requests and create a smoother approval process.
The Work Number Report Indicator alongside the mortgage prequalification credit report provides benefits for the borrower as well as the lender. Borrowers benefit from the freedom to explore loan options without impacting their credit scores. When a VOIE is available, borrowers will not need to provide pay stubs or W-2s and can be fast-tracked through the process. If a VOIE from The Work Number is not available and paper documentation is required, document requests can be streamlined. Altogether, this helps provide for a streamlined lender process and an enhanced borrower experience.
Through The Work Number database, Equifax is the industry-leading commercial source of consolidated employment information in
For more information about The Work Number Report Indicator, please visit our website.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in
FOR MORE INFORMATION:
Tiffany Smith for Equifax
mediainquiries@equifax.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/equifax-introduces-first-in-market-mortgage-solution-that-delivers-credit-report-alongside-employment-status-from-the-work-number-302406099.html
SOURCE Equifax Inc.
FAQ
What is The Work Number Report Indicator launched by Equifax (EFX) in March 2025?
How much did Equifax (EFX) invest in the cloud technology powering this new mortgage solution?
What are the key benefits of EFX's Work Number Report Indicator for mortgage lenders?
How does the new EFX mortgage solution benefit borrowers?
