Several mortgage service providers have teamed up to enhance the mortgage production process and improve compliance. Dominant among recent alliances is a unit of Equifax Inc.
A direct connection to The Work Number from Equifax Workforce Solutions from Credit Plus went live in May, Salisbury, Md.-based Credit Plus said Thursday.
The integration provides clients of Credit Plus with access to “the largest collection of payroll records contributed directly from employers.”
The Work Number reportedly reflects week-by-week salary information collected directly from employer payroll databases.
Equifax says The Work Number is a database of more than 241 million employer-direct payroll records that houses more than 57 million current employment records from over 3,400 employers.
Credit Plus said it became a certified reseller of the service last year.
On Wednesday, Equifax said that The Work Number has been integrated into MeridianLink’s Mortgage Credit Link Platform — a centralized, Web-based mortgage credit reporting system.
In April, CoreLogic Inc. said that it had reached an agreement with Equifax to offer The Work Number as part of the CoreLogic Credco Verification of Employment service.
“With the recent implementation of the Qualified Mortgage Rule, the need for third party verification of employment and income has never been more important than it is now,” CoreLogic Credit Services Senior Vice President John Bauer said in the statement. “The inclusion of The Work Number data into our Verification of Employment service means that one in four requests will receive instant, up-to-date information on a borrower’s employment status, saving clients valuable time and keeping their application pipeline moving forward.”
But Equifax isn’t the only company teaming up to address mortgage production needs.
In April, Secure Settlements Inc. announced a partnership with RFIB Group LTD and Lloyds of London to provide a service that will insure losses incurred at the closing table. The Mortgage Settlement Insurance Policy insures lenders that utilize ClosingGuard on retail originations. Covered incidences include fraud, theft and documentation errors.
Secure Settlement said that coverage extends to warehouse banks and secondary market investors including Fannie Mae and Freddie Mac. It might also extend to consumers who are indemnified for losses at the closing table.
AccountChek is being integrated into Roostify’s loan processing platform, the Athens, Ga., recently announced. The move will add digital verifications of deposits and assets reportedly from more than 15,000 financial institutions to Roostify’s service — helping lenders comply with the Consumer Financial Protection Bureau’s Ability to Repay rule.
Roostify only opened for business in January.
A partnership announced earlier this year has FBC Mortgage LLC handling an expected 2,000 residential loans for HomeBanc, N.A., in 2014. HomeBanc will refer its customers to the Orlando, Fla.-based company.
FBC Chairman and Co-Chief Executive Officer Joe Nunziata said the arrangement will position FBC “as one of the largest private mortgage bankers in Hillsborough and Pinellas Counties.”
