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.
Work Number Consolidates Employment Verification
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints