Data and analytics company Equifax has rolled out two new products designed to help lenders and loan officers keep up with the surging volume of mortgage originations spurred by the coronavirus pandemic.
Mortgage Complete, according to Equifax, is a set of key verifications and services that help shave costs, improve cycle time and pull-through for mortgage bankers and brokers. The new product includes verifications provided by The Work Number database, which has more than 51 million active records from over one million employer contributors.
Equifax said that, with verifications streamlined, loan officers could spend less time requesting, confirming, and assembling the information needed by underwriters and help move a loan more quickly through to closing. Mortgage Complete also allows credentialled lenders can request verifications of income, reverifications, and IRS Tax Transcript Fulfillment in a single order.
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“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,” said Joel Rickman, senior vice president of verification services at Equifax.
Mortgage Complete Duo, on the other hand, is tailored for borrowers. It enables loan applicants to get critical verifications (VOI, Re-verification, Manual and IRS Tax Transcript Fulfillment (4506-T)) for a single flat rate for one borrower or two.
“Mortgage originations have historically been a paper-heavy process,” said Craig Crabtree, senior vice president and general manager for mortgage and 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.”