Equifax is releasing Mortgage Ultimate with adaptive automation, next-generation verification solution designed to help mortgage lenders streamline underwriting operations and loan-origination processes. By combining its full suite of verification solutions, Equifax offers lenders industry-leading 95% fulfillment rate.
By integrating automated verifications from The Work Number with Network Verification Services from Equifax, new Mortgage Ultimate with adaptive automation solution offers highly predictable streamlined workflow. The Work Number provides instant verifications while NVS adds extra coverage when needed. Together it offers initial Verification of Income and up to three subsequent income or employment updates over 90-day window from application through closing.
Mortgage lenders face challenges of lowering origination costs and accelerating speed-to-close while managing fragmented landscape of single-point verification vendors. Mortgage Ultimate with adaptive automation helps eliminate friction points in verification process through automated verification process that offers industry-leading 95% fulfillment rate.
Solution supports mortgage lenders with one-stop verification workflow that offers predictable pricing and automated flexible ordering.
Mortgage Ultimate with adaptive automation offers several key benefits to help mortgage lenders streamline verification processes and manage costs:
Market-leading coverage and turnaround times: Equifax provides 95% fulfillment rate on initial income verification requests with 72% of mortgage requests fulfilled instantly through The Work Number and total of 90% fulfilled in 48 hours or less after orders transition to NVS. Predictable pricing: Single-cost model helps lenders easily predict verification costs. 90-day ordering window: Pricing includes initial verification and allows lenders to order up to three additional verifications of income or employment for next 90 days supporting origination process from application to underwriting to closing. Secure manual verifications: Best-in-class process for confirming employer and contact information that helps protect lenders during income and employment verification process. Zero-hit protection: Lenders charged only when initial verification order returns data.
ABOUT EQUIFAX INC.
At Equifax 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, employers, 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 nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region.
