ATLANTA, Nov. 19, 2020 /PRNewswire/ -- Equifax (NYSE: EFX)
continues to offer mortgage lenders innovative ways to drive
digital efficiencies into the origination process with the latest
addition to its suite of enhanced mortgage solutions designed to
help mortgage bankers and brokers better accommodate co-borrower
applications. Mortgage Duo, permits credentialed mortgage
lenders, with permissible purpose, to leverage a single transaction
through The Work NumberⓇ database to return instant
verifications of employment and income for joint applicants.
Many mortgage loans for single family homes involve
co-borrowers; and the October Mortgage Bankers Association (MBA)
Forecast anticipates that home loans will maintain a positive
trajectory into 2021. Recognizing the need, trend and opportunity
to facilitate both lender and borrower requirements, Mortgage Duo
eliminates the need for a lender to place individual orders for
each borrower's report.
"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."
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. Powered by The Work Number database, the industry-leading,
centralized commercial repository of income and employment
information in the U.S., Mortgage Duo joins a suite of
mortgage verification products and services intended to give
lenders, with permissible purpose, the automated verification
options they need to help meet consumer demand for a seamless,
low-friction, digital lending experience.
ABOUT EQUIFAX INC.
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
For more information
mediarelations@equifax.com
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SOURCE Equifax Inc.