The Work Number, a service of Equifax, has introduced a new retro income verification service that validates and documents a borrower's employment and income at the point of loan funding. Dubbed Point In Time, the service was created to respond to market demands for loan-level documentation to investigate repurchases and mortgage insurance rescissions, The Work Number says.
‘As repurchase activity and instances of fraud both continue to rise, exact documentation is essential in order for lenders to avoid excessive obligations or undisclosed mortgage debt,’ says Janet Ford, senior vice president of The Work Number.Â
The new system uses an automated workflow designed to capture and reuse employer data by tracking and documenting agent progress and findings. It can also access The Work Number's unique employer database of current and historical payroll data for more rapid delivery, the company says.