Atlanta-based Equifax (NYSE: EFX) has unveiled Employment Select+, a new tool for the mortgage origination process.
Employment Select+ uses data from Equifax’s proprietary database The Work Number to provide originators at closing with an instant view into a borrower’s most recent 35 days of current and prior employment. This will help lenders meet government-sponsored enterprise requirements for obtaining a verification of the borrower’s employment within 10 business days of closing.
The new tool is available to lenders via web or integrated channels, and the data can be accessed with a PDF receipt that provides documentation at order completion, helping them better manage loan costs.
“In today’s uncertain economic environment, it’s critical for lenders to have access to timely verification data at each stage of the mortgage process,” said Ashley Wood, vice president of mortgage verification services at Equifax Workforce Solutions. “By leveraging digital verification solutions such as Employment Select+, lenders are able to develop a more holistic view of an applicant’s ability to pay. This can give greater confidence to lenders, while helping to remove barriers to home ownership for consumers.”
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