As a real estate expert, it’s not only important to ensure you know how to manage your business and clients efficiently, you also need to make sure you’re right at the forefront of industry updates and know everything you need to know about latest tool releases, market trends and property updates.
The last thing you want is a client informing you of a new service or tool they heard about online and you have no idea what they’re talking about. Which brings us to our latest blog post. A new mortgage solution by Equifax, which provides an innovative way to add more efficiency to your digital processes.
Instant verification for two applicants in one single transaction
The new ‘Mortgage Duo’ from Equifax integrates with The Work Number® database to provide mortgage brokers with a more streamlined solution to accommodate co-borrower applications. In one single transaction, loan officers can get instant verification of employment and income for joint applicants in two reports.
The Work Number® database is the industry-leading, centralized commercial repository of income and employment information in the US. The addition of this service in their suite of tools provides lenders with an automated verification solution to help meet consumer demands for a more speedy and digital experience.
70% of borrowers expect mortgage applications to take less than 10 days to complete and a further 52% would consider switching lenders if there was too much paperwork to complete. This makes tools like Mortgage Duo fundamental to the application process for real estate experts to be able to offer the fastest and most efficient experience for borrowers.
The October Mortgage Bankers Association (MBA) Forecast predicts that property loans will continue on a positive trajectory into 2021. While the majority of loan applications for family homes are for two borrowers, Equifax identified the need to facilitate both the lender and borrower requirements by eliminating the need for individual borrower report requests.
“We recognize that people often apply for mortgages with a co-borrower, such as a spouse,” said Joel Rickman, SVP of Verification Services for Equifax. “The breadth of The Work Number database, with more than 111 million active records, allows us to deliver a new verification solution that helps lenders continue to build efficiency into their digital originations. With Mortgage Duo, they can instantly verify employment and income for both borrowers through a single automated transaction which helps decrease duplicative tasks and further reduces friction in the loan origination process.”
Who exactly is Equifax and what do they do?
Equifax is a global data, analytics, and technology company, who play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence.
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.
The launch of Mortgage Duo further demonstrates the Equifax commitment to turning insights into action, recognizing trends in the market and tapping into its differentiated data assets to help reveal more opportunities for consumers and businesses of all sizes.
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