#United States #Atlanta #Equifax #The Work Number #Income Qualify

Equifax's New Income Qualify: Revolutionizing Mortgage Lending

In an increasingly competitive mortgage market, Equifax® (NYSE: EFX) has rolled out a groundbreaking product, Income Qualify, which promises to transform the mortgage lending landscape. Launched on December 10, 2025, this innovative tool equips lenders with crucial income and employment insights sourced from The Work Number®. This data is made available during the prequalification and pre-approval phases, enhancing existing processes and providing lenders with a significant advantage.

Addressing Lender Challenges

The current mortgage landscape presents various challenges for lenders. They often operate with limited visibility on potential borrowers' financial health, particularly concerning their income and employment status. This lack of clarity impacts their ability to confidently extend prequalification offers. Income Qualify aims to mitigate these issues by delivering verified income and employment data at pivotal points in the mortgage lending process. This enables lenders to expedite initial assessments while minimizing the burden placed on borrowers.

Joel Rickman, General Manager and Senior Vice President of U.S. Mortgage and Verification Services at Equifax, emphasizes the product's significance: “Mortgage lenders are facing increasing competition for qualified buyers. They need to assess borrower eligibility and make critical lending decisions more swiftly, all while managing costs.” With the ability to access essential income and employment data alongside Equifax's trusted consumer credit report, lenders can act more quickly and with greater confidence.

Enhancing Affordability and Reducing Risks

The introduction of Income Qualify is a pivotal move towards supporting homeownership, a goal that resonates deeply with many U.S. consumers. Homeownership not only fosters financial stability but also contributes to wealth generation that can benefit future generations. Equifax recognizes the intricate relationship between affordable housing and financial well-being and is committed to enhancing accessibility through comprehensive data solutions.

The product's functionalities include:

• - Borrower Verification: Provides name and Social Security Number (SSN), allowing lenders to confidently identify potential borrowers.
• - Employer Information: Supplies the name of the borrower’s employer, reducing the likelihood of errors linked to employer name matches during submissions to Government-Sponsored Enterprise platforms.
• - Job Tenure Details: Offers insight into the borrower's job tenure, crucial for gauging future income trajectories, essential during underwriting processes.
• - Prior-Year Total Income: Facilitates initial assessments of debt-to-income (DTI) ratios and serves as a validation for information presented in the application.

Streamlined Operations and Cost Management

By consolidating these data points before the loan origination stage, Income Qualify empowers lenders to evaluate borrower qualifications more promptly. This capability not only speeds up the lending process but also aids in better cost management by allowing lenders to make informed purchases of The Work Number at the point of origination. Equifax continues to innovate, focusing on solutions that enable lenders to lessen the financial burden of homeownership while assisting consumers in building intergenerational wealth.

In alignment with this commitment, Equifax has also introduced competitive pricing strategies, including offering VantageScore 4.0 mortgage credit scores at a significantly reduced rate compared to traditional options. Furthermore, the company is currently providing free VantageScore credit scores with every FICO score purchased from Equifax, facilitating a smoother transition for clients.

For more information on how Income Qualify can enhance your lending process, visit Equifax's product sheet.

About Equifax Inc.

Equifax Inc., headquartered in Atlanta, is a global data, analytics, and technology leader. With approximately 15,000 employees, Equifax operates in 24 countries, helping businesses, government agencies, and consumers make informed decisions with greater confidence. The company’s innovative blend of data, analytics, and cloud technology drives insights that empower individuals and institutions to progress.

To learn more about Equifax's offerings and mission, please visit www.equifax.com.