Maxwell partners with Equifax and The Work Number
A month ago we announced our partnership with Equifax® to provide Maxwell customers and their borrowers a faster, more seamless experience, beginning with an automated employment and income verification through The Work Number®. Equifax is one of our launch partners for our newly released “Connected Apps” platform built on our API, enabling lenders to customize the Maxwell experience for their teams and their borrowers.
Maxwell’s integration with Equifax’s consumer data platforms is key in an industry where data forms the bedrock of good underwriting decisions. Lenders on Maxwell will have access to third-party data verifications (from employer-provided payroll records) for employment and income and tax transcript forms from the IRS.
The result will be the ability to close loans faster with a modern, elegant digital mortgage experience.
Lenders are able to quickly verify borrower information, reduce risk and move the borrower down the pipeline more quickly than ever. And for borrowers this eliminates even more of the friction of providing documentation.
What’s more, leveraging Equifax’s verification solutions will enable lenders on Maxwell to participate in the Desktop Underwriter validation service for Fannie Mae’s Day 1 Certainty program. The Work Number is the largest source for up-to-date employment records, providing access to over 190 million employment records instantly. And Equifax’s 4506T tax transcript delivery service will deliver forms directly from the Internal Revenue Service.
The partnership with Equifax and The Work Number solidifies our commitment to deliver data from the source, complimenting one of our longstanding features, FileFetch™, which is our proprietary experience to deliver the actual W2, paystub, bank, investment and mortgage statements from thousands of institutions. We believe that, together, these data partnerships ensure integrity and unmatched experience through the loan process.
Our goal has always been to increase the efficiency of our customers by streamlining access to data for their front-line teams and their borrowers. There’s no doubt that our partnership with Equifax is a significant step to transform the way the industry originates loans — most notably in speed, quality and satisfaction.