Mortgage Lender Puts The Work Number® to Work

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As the mortgage industry moves towards a digital lending process, lenders may be looking for ways to reduce the need to collect paystubs and W-2s.

By automating employment and income verifications, mortgage lenders - like AmeriSave Mortgage Corporation - can save time for both borrowers and staff.  As a result of automating the verification process, AmeriSave realized several benefits, including (as of March 2018):

  • 30% faster turn times for pipeline year-over-year
  • 15% improvement in mortgage origination efficiency
  • 5 days shorter close time

AmeriSave leveraged the following solutions from Equifax:

  • The Work Number, as well as the manual verification solution, to verify income and employment for 80% of approximately 25,000 loans
  • The 4506-T tax transcript solution to verify W-2 information on more than 72% of applicants

Combined, these two verification solutions from Equifax have produced significant efficiency gains for AmeriSave staff while eliminating a tedious documentation process for its borrowers.  View the infographic for more details.

Interested in speaking to an Equifax representative to learn more?  Please click here.

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