CoreLogic (CLGX) is about to make employment verification much easier. The property information, analytics and data-enabled services provider has joined with Equifax Workforce Solutions to offer The Work Number as part of the CoreLogic Credco Verification of Employment service.
The Work Number is the largest collection of payroll records contributed directly from employers and the new agreement allows CoreLogic to deliver automated mortgage applicant employment and income verification.
“With the recent implementation of the Qualified Mortgage Rule, the need for third-party verification of employment and income has never been more important than it is now,” said John Bauer, senior vice president for CoreLogic Credit Services. “The inclusion of The Work Number data into our Verification of Employment service means that one in four requests will receive instant, up-to-date information on a borrower’s employment status, saving clients valuable time and keeping their application pipeline moving forward.”
Historically, verification of employment was a manual process, requiring either verbal or faxed confirmations from the applicant’s employer. With its new service, CoreLogic is now able to provide its mortgage customers with instant access to nearly 220 million current and historical employment records, allowing verification requests to be handled in minutes instead of hours.
The Work Number collects weekly salary information directly from employer payroll databases, so it can return timely employment data that is up-to-date as of the last pay period. In addition, the historical records go back many years. Information collected includes: length of employment, job titles, income and other location information that can reduce the risk of liability over personal sources.
“We are pleased to deliver with CoreLogic a unique verification of employment and income solution to the mortgage marketplace while advancing best practices in the industry,” said Michael Kuentz, senior vice president for Equifax Verification Services.