Lenders and borrowers gain access to Equifax mortgage income and employment verification solutions through the new Encompass integration leveraging the Partner Connect APIs for a more frictionless process
Equifax announced that The Work Number offers instant employment and income verifications service by leveraging the latest Encompass Partner Connect API platform with Encompass by ICE Mortgage Technology™, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure. The technology infrastructure and simplified user interface create straightforward yet customizable pathways for loan officers to instantly tap into enhanced mortgage income and employment verification solutions from Equifax.
For lenders actively embracing digital processes, the new Encompass integration built on the Partner Connect API platform offers mortgage-specific verification solutions from The Work Number database, including Mortgage Ultimate™, Employment Select™ and All Employers within 24 Months™. Designed to help streamline the process for lenders who are originating and pulling secondary verifications, each solution is tailored to help meet specific needs within the mortgage loan origination process.
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“We are thrilled to be working with ICE Mortgage Technology on this new API-based integration,” said Ashley Wood, VP of Mortgage Verification Services at Equifax Workforce Solutions. “Verifications from The Work Number have been available through Encompass for more than a decade, helping loan officers quickly access the income and employment information they need to help consumers close on their mortgages. This new API platform that ICE Mortgage Technology has released for partners offers Encompass loan originators a better experience and will soon include one-click access to the new mortgage-specific verification sets from The Work Number, as well as configurable automated order settings. Encompass is a trusted solution for lenders of all sizes,” continued Wood. “Both Equifax and ICE Mortgage Technology focus on user experience and digital efficiency so it was a natural fit to work together on developing, piloting, and launching this new API for Partners.”
The Work Number database, which was the first designated third-party provider of income and employment verifications for the government-sponsored enterprises (GSEs), gives credentialed mortgage lenders with permissible purpose the ability to quickly and securely tap into more than 500 million employee records, including more than 125 million active records, from over two million employers. By leveraging ICE Mortgage Technology’s latest Partner Connect API platform, lenders can continue to build efficiency into their digital originations with Automated Service Ordering (ASO), which offers lenders the ability to build customizable order settings for verifications based on business rules where permissible purpose exists. Prospective homebuyers can also reap the benefits of the new integration, since The Work Number verifications help reduce the amount of documentation they have to pull together for a loan application.
The new Encompass Partner Connect platform and verification product’s flexibility enable lenders to deliver a seamless, low-friction digital lending experience. Lenders using Encompass can now choose the new API experience and The Work Number mortgage verification solutions.
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