Streamline Employment Verifications for a Faster Mortgage Process With Mortgage Employer Select

In today's dynamic mortgage market, efficiency and speed are paramount. As both lenders and borrowers seek to expedite the application and approval process, innovations in technology have become the driving force behind transforming traditional employment and income verification practices. 

One such innovation that's making waves in the mortgage industry is Mortgage Flex™ View, the latest addition to Equifax's comprehensive suite of mortgage verification solutions. In this blog post, we will explore how Mortgage Employer Select can help streamline employment and income verifications, leading to a faster and more efficient mortgage process.

The Need for Automated Employment and Income Verifications

Before delving into the details of Mortgage Employer Select, let's understand why automated employment verifications are crucial to improving the mortgage process. 

Traditional ways of determining loan affordability can be time-consuming, in many cases involving back-and-forth communication between lenders and employers. This often leads to delays and frustration for both parties. 

The burden and inconvenience of manual and paper-based processes can be particularly irritating to borrowers, especially when they have to print and provide pay stubs and W2s.  Relying on these consumer-provided documents can also open the door to misstatements or misrepresentations, potentially resulting in further headaches and loan defaults down the line that negatively impact a lender’s portfolio. Technological advances allow lenders to instantly and securely obtain reliable income and employment verifications from a trusted third-party provider. 

Borrowers today expect a swift and hassle-free mortgage experience. They want to move into their new homes quickly and without unnecessary delays. Lenders, on the other hand, aim to mitigate risks and ensure that the borrower's financial information is reliable and up-to-date.

Introducing Mortgage Employer Select

Mortgage Employer Select is designed to bridge this gap, offering a flexible and convenient solution that provides lenders with the information they need quickly to serve their customers. Here's how it works:

• Preview Available Employers: Mortgage Employer Select allows lenders to purchase a preview of the available employers on The Work Number® associated with an individual applicant. This initial step provides lenders with a quick overview of the borrower's employment history, which is essential for making informed lending decisions.
• Select Relevant Records: From the preview, lenders can select and purchase the most relevant employment records for the application. This selective approach ensures that the lender obtains only the necessary information helping to reduce the time and effort required for processing an application.
   
• Enhanced Efficiency: By eliminating the need for extensive back-and-forth communication with employers, Mortgage Employer Select enhances the efficiency of the verification process. Lenders can receive the required employment information instantly, helping to expedite the mortgage application process.

Benefits of Mortgage Employer Select

Now that we understand how Mortgage Employer Select works, let's explore the benefits it offers to lenders and borrowers:

• Cost-Effectiveness: Lenders are empowered to purchase a preview of the available employment records associated with a prospective borrower before making a selection.
  
  This means lenders can choose and order  only the most pertinent records for each loan application, ensuring cost-effectiveness and reducing unnecessary expenditure.
   
• Time Savings: Faster access to employment information can mean quicker mortgage approvals, reducing the waiting time for borrowers.
   
• Efficiency: By enabling lenders to access relevant employment and income information more quickly, Mortgage Employer Select helps accelerate the lending process, enhancing efficiency for lenders and significantly improving the borrower experience.
• Flexibility: Lenders can navigate the dynamic mortgage market with more confidence and agility and deliver an improved service to their clients. 

Conclusion

In the ever-evolving mortgage market, the need for speed and efficiency is clear. Mortgage Employer Select, a flexible addition to Equifax's suite of solutions, empowers lenders to streamline employment and income verifications and provide borrowers with a faster mortgage process. By offering cost-effectiveness, time savings, enhanced reliability, and a competitive advantage, Mortgage Employer Select is poised to become an essential tool in the toolbox of modern mortgage lenders. Embrace the future of mortgage processing with Mortgage Flex View, and deliver an exceptional experience to borrowers while optimizing your lending operations.

To learn more about Mortgage Employer Select, download our Product Sheet.