ATLANTA - January 26, 2021 - Tailored specifically for mortgage originations, the enhanced Mortgage Complete products from Equifax (NYSE: EFX) help deliver improved speed, quality and customer satisfaction for US mortgage lenders. Offered as a set of key verifications and services, including, among other items, digital delivery of verification of income, reverifications of income or employment and IRS Tax Transcript Fulfillment critical to the mortgage origination process in a single order, Mortgage Complete helps support reduced costs, improved cycle time and pull-through for mortgage bankers and brokers.
Mortgage Complete includes, among other solutions, verifications provided by The Work Number® database, which help streamline the delivery of critical verifications, putting efficiency into the process and helping improve the speed of loan acceptance and underwriting. With verifications and re-verifications automated, loan officers can spend less time requesting, confirming and assembling information required by underwriters and help move a loan more quickly through to closing.
Both home buyers and loan officers can have a better experience when lenders use solutions like Mortgage Complete. It can be tedious for loan applicants to request, find and deliver necessary documents like pay stubs and tax forms and difficult for financial institutions to securely keep track of those documents once received, especially if they come in different formats: mail, email, fax, or photos. Considering that many hard copy documents may be needed at least twice, if not multiple times during mortgage loan production, it becomes clear how costly it may become for lenders to remain paper-based.
"Mortgage originations have historically been a paper-heavy process,” said Craig Crabtree, SVP and General Manager for Mortgage & Housing at Equifax. “The industry continues to make great progress in the digital transformation, and a key aspect of that is automating verifications, which creates efficiencies across the board and ultimately enables a more seamless experience for the buyer.”
With more than 51 million active records added since 2016, growth in The Work Number database allows lenders with permissible purpose to quickly and securely tap into more than 111 million active records from more than 1 million employer contributors, including those from thousands of small- to medium-sized businesses and independent contractors (1099s). With the use of Mortgage Complete, credentialed lenders can request verifications of income, reverifications, and IRS Tax Transcript Fulfillment in a single order.
More information about Mortgage Complete, and for co-borrowers Mortgage Compete Duo, can be found here.
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At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
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