Software Feature Automates Employment Verification
The Work Number, a St. Louis-based employment verification company, launched a new feature that automates the task of re-verifying borrower employment to comply with government-sponsored enterprise (GSE) rules. As a fraud prevention measure, the GSEs now require originators verify a borrower’s employer within 10 days of a mortgage note date. The Reverify feature reconfirms the employment data pulled during underwriting within the Work Number platform. The Work Number is a business unit of Talx, which is a subsidiary of credit reporting agency Equifax (EFX). Employers update the Work Number database with the verification data, enabling the Reverify feature to work. The service has access to 192m employment records from 2,100 employers and a team of verification agents that manually verify information not on file. “The due diligence that is required on each loan has impacted the workflow processes of many of our customers,” said Janet Ford, the Work Number senior vice president. “As a result, we are continuously developing products and features for lenders that will aid in compliance and add consistency to their process, enabling them to benefit from reduced fraud, borrower misrepresentation and increased workplace efficiency.” Write to Austin Kilgore.