AmeriSave Mortgage Corporation has been leveraging verification services from Equifax, including The Work Number®, to do just that. In fact, AmeriSave has seen a 15% improvement in mortgage origination efficiency as a result.
As of March 2018, AmeriSave has used The Work Number to verify income and employment for 80% of approximately 25,000 loans. Additionally, they have verified W-2 information on more than 72% of applicants through the Equifax 4506-T tax transcript solution. As a result, both AmeriSave and AmeriSave's borrowers have benefitted.
- Streamlined Process Implementing a digitalized process from origination through funding has helped AmeriSave realize significant efficiency gains and eliminate friction for the borrower.
- Greater Insight Automated access to The Work Number data means more knowledge into borrowers' credit capacity, supporting operational efficiencies driven by Fannie Mae Day 1 Certainty™.
- More Confidence Leveraging verification solutions from Equifax enables lenders to better evaluate a borrower's ability to pay with greater confidence.
- Faster Loans Quicker access to income and employment data means a shorter home loan process. For AmeriSave borrowers, time to close has been shorted by five days.
- Less Friction The Work Number helps eliminate a tedious documentation process involving pay stubs and tax documents. As a result, the borrower does not have to spend time gathering an endless amount of pay-related documents.
- Better Experience Efficiencies across the board mean less hassle between a borrower and their new home.
Verification solutions from Equifax have helped produce significant efficiency gains for AmeriSave staff while eliminating a tedious documentation process for its borrowers. Click here to request to speak to an Equifax representative about how your organization could benefit in similar ways.