The recent implementation of the qualified mortgage rule highlighted the need for third-party verification of mortgage applicants’ employment and income, said John Bauer, CoreLogic’s senior vice president for credit services, in a press release. Inclusion of the Work Number data into the CoreLogic Verification of Employment service “means that one in four requests will receive instant, up-to-date” borrower information.
The Work Number is one of the industry’s largest collections of payroll records contributed directly from employers. Under the agreement CoreLogic will be able to automate the third-party verification of a loan applicant’s employment status and income, and the delivery of loan data to mortgage professionals.
The Work Number offers mortgage professionals instant access “to nearly 220 million current and historical employment records,” according to the release. It collects salary information directly from payroll databases on a weekly basis and maintains “data that is up-to-date as of the last pay period.” The information goes back many years and includes length of employment, job titles, income and location information.