3 things you should know about the modern mortgage lending experience

Your borrowers demand a seamless, secure, and multifaceted mortgage lending process that matches the experience of online shopping. Meanwhile, as a lender, you need to guard against risk and create efficiencies that protect your bottom line. Are you keeping pace with this changing industry, staying ahead of competition, and still serving the needs of your customers? 
 
Here are the 3 things you need to know about the modern digital lending experience:

1. Borrowers expect an automated process. By removing human inputs and offering real-time income and employment verification, you’ll decrease errors, increase the speed of delivery, minimize costs, and simplify the overall lending process.
2. When it comes to data collection options, more is better. Borrowers may be hesitant to allow you access to their bank accounts. Having multiple delivery options can empower them to pull the trigger.
3. Avoiding risk is a top priority. To accurately assess borrower risk level, you need secure and up-to-date employment and income data. 

With The Work Number, you can streamline the lending process for you and your borrower, easily assess their ability to pay, and so much more, with our cloud-native verification solutions.
 

See why lenders choose The Work Number:
 

Our numbers speak for themselves:

The Work Number gives you and other credentialed verifiers access to over 136 million active income and employment records, direct from employers. This enables you to:

• Make fast, informed decisions that address the changing demands of the industry and the consumers you serve.
• Quickly see the most up-to-date information available, with records updated every pay cycle.
• Get a broader understanding of a consumer’s financial history, with insight beyond their stated income or credit score.

To learn more, download the full eBook or contact us.

Resources:

*US non-farm payroll: Non-farm payroll is a term used by the Bureau of Labor Statistics, and is a statistic that represents how many people are employed in the US in manufacturing, construction, and goods companies. Non-farm payroll excludes farm workers, private household employees, or non-profit organization employees. Data referenced here is based on BLS data as of January 2019 and EFX data as of January 1, 2022