Equifax Workforce Solutions Introduces "Mortgage Complete" and "Mortgage Complete Duo" to Help Support Digital and Traditional Mortgage Originations
Equifax has launched enhanced Mortgage Complete products designed to improve speed, quality, and customer satisfaction in mortgage originations. This suite provides key verifications and services like digital income verification and IRS Tax Transcript Fulfillment in one order. With over 111 million records accessible, it enhances efficiency for lenders, reducing costs and cycle times. The initiative aligns with ongoing digital transformation in the mortgage industry, addressing challenges posed by traditional paper-heavy processes.
- Launch of Mortgage Complete products enhances efficiency in mortgage originations.
- Access to over 111 million records facilitates quicker verifications for lenders.
- Contributes to cost reduction and improved cycle time for mortgage bankers.
- None.
ATLANTA, Jan. 26, 2021 /PRNewswire/ -- Tailored specifically for mortgage originations, the enhanced Mortgage Complete products from Equifax (NYSE: EFX) help deliver improved speed, quality and customer satisfaction for US mortgage lenders. Offered as a set of key verifications and services, including, among other items, digital delivery of verification of income, reverifications of income or employment and IRS Tax Transcript Fulfillment critical to the mortgage origination process in a single order, Mortgage Complete helps support reduced costs, improved cycle time and pull-through for mortgage bankers and brokers.
Mortgage Complete includes, among other solutions, verifications provided by The Work NumberⓇ database, which help streamline the delivery of critical verifications, putting efficiency into the process and helping improve the speed of loan acceptance and underwriting. With verifications and re-verifications automated, loan officers can spend less time requesting, confirming and assembling information required by underwriters and help move a loan more quickly through to closing.
"Lenders and loan officers trying to keep up with both mortgage volume and the pandemic have become more agile and accepting of new technologies," said Joel Rickman, SVP of Verification Services at Equifax. "Mortgage Complete is an innovative delivery of the data they need, when they need it and in a format that helps eliminate some of the complexities of a document-heavy process that can create such a big drag on efficiency."
Both home buyers and loan officers can have a better experience when lenders use solutions like Mortgage Complete. It can be tedious for loan applicants to request, find and deliver necessary documents like pay stubs and tax forms and difficult for financial institutions to securely keep track of those documents once received, especially if they come in different formats: mail, email, fax, or photos. Considering that many hard copy documents may be needed at least twice, if not multiple times during mortgage loan production, it becomes clear how costly it may become for lenders to remain paper-based.
"Mortgage originations have historically been a paper-heavy process," said Craig Crabtree, SVP and General Manager for Mortgage & Housing at Equifax. "The industry continues to make great progress in the digital transformation, and a key aspect of that is automating verifications, which creates efficiencies across the board and ultimately enables a more seamless experience for the buyer."
With more than 51 million active records added since 2016, growth in The Work Number database allows lenders with permissible purpose to quickly and securely tap into more than 111 million active records from more than 1 million employer contributors, including those from thousands of small- to medium-sized businesses and independent contractors (1099s). With the use of Mortgage Complete, credentialled lenders can request verifications of income, reverifications, and IRS Tax Transcript Fulfillment in a single order.
More information about Mortgage Complete, and for co-borrowers Mortgage Compete Duo, can be found here.
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, employees, 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 Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com
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SOURCE Equifax Inc.
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