By Angie Beckmann
For financial institutions, it’s more important now than ever to leverage multiple sources of trusted data to make informed lending decisions. One fundamental way to do this is to enable automated workflows within loan origination systems so as to bring data and insights to the forefront during loan origination. Specifically, the integration of The Work Number® with over 60 loan origination systems can help lenders assess a loan applicant's financial situation within seconds—leaving them time to focus more on revenue-generating and customer-facing activities and less on tedious manual processes.
The added costs, delays, and burden caused by manual processes may put lenders at a disadvantage when it comes to achieving growth and efficiency objectives. Loan applications can be rife with incorrect information. That includes income overstatements (and even understatements), inaccuracies that can impede processes and jeopardize approvals. When seeking solutions that can increase efficiency, decrease risk, and provide a more complete picture of a borrower’s propensity to repay a loan, instant income and employment data from The Work Number® can help.
For traditional credit score-based decisions, borrowers are often tasked with providing additional documentation, including W-2s, paystubs, or proof of residency. Having applicants provide these documents — let alone tracking them down yourself — increases consumer friction and risk. It’s cumbersome, time-consuming, and may lead to lost opportunities.
Getting the Most out of Your Investment
Loan origination systems are consequential investments for financial institutions such as yours. Ensuring that you are fully leveraging its features and functions and using its automation capabilities can help lenders like you accelerate business outcomes.
Connect with a representative to find out if you can access The Work Number through your legacy loan origination system and to learn more about our products and the different ways you can tap into more than 125 million active income and employment records directly from over two million employers.