By Ashley Wood
In mortgage lending, borrower perceptions can make or break your bottom line. Case in point: borrowers who have an exceptional experience with their lender are more than twice as likely to recommend their lender, while 94 percent are likely to use the lender again. That’s according to the latest research published in October 2021 by Solidifi.1
Today, as lenders work hard to balance a good customer experience with maintaining loan volumes, an often-overlooked pain point threatens their ability to offer a standout digital mortgage process that’s fast, smooth and easy. In fact, it’s a basic step that’s so ingrained in the lender process that many lenders simply accept the inconvenience as a normal part of doing business, unaware that there’s a better way.
Online mortgage applications are great. They kick-start the process, saving borrowers the time, hassle and risk (think: COVID exposure) of visiting an office. Yet, when it’s time to apply and originate the loan, the otherwise streamlined digital mortgage process slows down as lenders start the onerous task of verifying income and employment through borrower-supplied documents.
While most borrowers understand the need to confirm the basics like income and employment, it’s widely viewed as a hassle, nonetheless. Searching for W-2 forms, bank statements and “the most recent” paycheck stubs and submitting this documentation can take time, frustrate borrowers and delay the process. This doesn’t account for the time required to call employers to verify employment, which frequently involves multiple attempts to reach the employer.
For lenders that are transitioning toward a digital mortgage process, traditional income and employment verifications are an undeniable pain point for all parties involved. The new Encompass Partner Connect API platform is a better solution now available for users.
Few things can differentiate your digital mortgage process like the ability to instantly verify income and employment. Externally, from the customer perspective, your organization is viewed as modern and “easy to do business with”—both of which are critical as tech-savvy Millennial and Gen Y borrowers expect smarter, on-demand transactions.
The good news is that instant income and employment verifications are now available from Equifax on the new Encompass Partner Connect API. Through The Work NumberⓇ database, Equifax gives credentialed mortgage lenders with appropriate permissible purposes the ability to instantly tap into more than 125 million active employee records. Unlike traditional verifications that are tedious and burdensome for many borrowers, these next-generation verifications can:
Improve the borrower experience by reducing the amount of documentation they’re required to track down and submit for a loan application.
Work smarter and faster by verifying income and employment in as little as three clicks, greatly reducing the need for phone calls and paperwork.
Simplify clunky administrative tasks by automatically importing data and documents into applicant/borrower loan files.
Streamline workflows and speed up origination by implementing customizable, “milestone-based” auto-ordering of verifications based on business rules (where permissible purpose exists).
For lenders actively embracing digital processes, the new Encompass Partner Connect API will offer mortgage-specific verification solutions from The Work Number, including Mortgage Ultimate™, Employment Select™ and All Employers within 24 Months™. Designed to help streamline the process for lenders who are originating—and pulling secondary verifications—each solution was created to suit lenders’ needs, including providing the ability to leverage 1-click service ordering and Automated Service Ordering .
If you’re looking for new ways to inject efficiency into your origination workflow and offer a borrower-friendly digital mortgage process with less friction and more automation, instant verifications via The Work Number from Equifax can help. Visit Equifax on the Marketplace for more information or Contact our Team to get started.
Once contracted with Equifax Verification Services, the new integration
is available to all Encompass users. Here’s how to get started:
Step 1 - Contact Equifax Sales Team.
The Equifax team will complete and submit the appropriate forms. Lender-level credentials will be created for access to the new Equifax Verification Services (API Version). Equifax will then send username and password credentials via secure email.
Step 2 - Log In.
Your Encompass administrator should log in to the web version of Encompass with their Encompass credentials. Add the Equifax Verification Service (API Version) integration as a “provider” and apply your new Equifax provided credentials to this integration. Please note: If you don’t have the web version of Encompass enabled, please have your system admin follow simple instructions here,
Step 3 - Add Users.
Now your Encompass administrator should grant users access to the new “provider” Equifax Verification Services (API Version).
You are Ready!
Users are now ready to order instant verifications of income and employment through Encompass!