This means lenders that use Roostify for online application and loan processing now have simple access to The Work Number right from within the Roostify platform. It also means they can automate the verification of employment and income when borrowers apply for a mortgage online. This, therefore, accelerates the mortgage decisioning process, which, in turn, boosts borrower satisfaction.
The Work Number is the largest source of employer-direct income and employment information and is refreshed each pay period. The database includes records from more than 75% of the Fortune 500 companies and an increasing number of small to midsize employers.
“This alliance with Roostify breaks new ground in mortgage decision automation,” says Seth Kronemeyer, vertical marketing leader for Equifax Mortgage Services, in a release. “Lenders currently using the Roostify platform will benefit from the connection to The Work Number, as they will now have access to reliable data instantaneously, helping to simplify one more vital step in the application process. We are happy to be able to provide our data to lenders who aim to offer consumers the most efficient closing process possible.”