The Work Number, a provider of verified income information, has released Reverify, a solution that automates loan or mortgage pre-closing verification of employment.
Due to employment volatility and ongoing concern with fraud and misrepresentation, the government-sponsored entities (GSEs) have tightened their employment verification policy in underwriting and particularly at closing, stating that a verification of employment (VOE) must be pulled within 10 days of a mortgage or loan note date.
The Work Number's Reverify tool captures an updated VOE that was originally pulled during underwriting to confirm the borrower's employment status at loan closing. The solution works off of The Work Number's employment database, which employers update each pay period.
‘The due diligence that is required on each loan has impacted the workflow processes of many of our customers," says Janet Ford, senior vice president of The Work Number. "As a result, we are continuously developing products and features for lenders that will aid in compliance and add consistency to their process."
SOURCE: The Work Number