Work Number Consolidates Employment Verification
Lenders can receive income and employment verification and IRS Form 4506-T requests for tax transcripts and employer W-2s from a subsidy of the credit bureau Equifax. The Work Number service can simultaneously fill all the requests to improve the speed at which new underwriting standards by government-sponsored enterprises (GSEs) are met, Equifax said. “With current employment volatility, The Work Number provides the timeliness and verifiability that the GSEs are recommending with their new policy efforts,” said Janet Ford, The Work Number senior vice president, in a statement. “Large samples of our employer data show trends of upward of 20 percent in annual job turnover as employment status changes. Given today’s market conditions, having timely and increased transparency into a borrowers’ true, current employment status is more important than ever,” Ford added. Write to Austin Kilgore.