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January 13, 2023

Automated Workflows Can Help Mortgage Lenders with Credit Decisioning

How can leveraging Equifax solutions through MCP help lenders speed up the origination process, and make more accurate lending decisions?

For mortgage lenders, it’s more important now than ever to leverage multiple sources of trusted data to make informed lending decisions. One fundamental way to do this is by enabling automated workflows and streamlining your data from one source. Leverage your loan center to bring data and insights to the forefront during loan origination. Combining Equifax’s Credit, Income and Employment verification (The Work Number®), and Equifax’s Tax Transcript verification as part of your Mortgage Cadence workflow, can help streamline your providers and automate processes, leaving time to focus more on revenue-generating and customer-facing activities and less on tedious, paper-based processes.

Provide fast and secure income and employment verification

The added costs, delays, and burden caused by paper-based processes may put mortgage lenders at a disadvantage when achieving growth and efficiency objectives. Loan applications can be rife with incorrect information. That includes income overstatements (and even understatements), and inaccuracies that can impede processes and jeopardize approvals. Borrowers are often tasked with providing additional documentation, including W-2s, paystubs, or proof of residency. Having applicants provide these documents — let alone tracking them down yourself — increases consumer friction and risk. It may even lead to lost opportunities.

When seeking solutions that can help increase efficiency, decrease risk, and provide a more complete picture of a borrower’s propensity to repay a loan, instant income and employment data from The Work Number can help.

Automate Tax Transcript Verification

Obtaining a verified copy of a tax transcript is a key component in determining a borrower's ability to pay. Administrative tasks associated with submitting the 4506-C consent form can be cumbersome and often result in rejections. This can slow down the process for lenders and negatively impact the borrower experience. By automating this process and adding it to your existing workflows within Mortgage Cadence, you can eliminate the paper-based process by digitally populating the consent form.

Make More Informed Credit Decisions

It is important to leverage relevant and actionable consumer information. With trended data, lenders need the most up to date, reliable consumer credit data from all three major credit reporting agencies. This expands the information used to evaluate a home loan applicant by supplementing the traditional moment-in-time snapshot of an applicant’s credit balances, with a more dynamic two-year view of payments and balances.

Streamline your integrations

Mortgage lenders need to quickly move borrowers through the origination process and make it easier on the borrower. Get the most out of your loan origination system by automating and streamlining your data from one trusted source which can help ensure that you are fully leveraging differentiated data for actionable insights to help lenders like you accelerate business outcomes.

Connect with your Mortgage Cadence representative to access Equifax integrations through your loan origination system. By leveraging Equifax solutions through your technology platform, we can help you speed up the origination process and make more accurate lending decisions.

This article was written and published with Equifax.

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Media Contacts 

Mortgage Cadence: 
Megan Martin 
EVP, Marketing 
(516) 480-6765