Improve your workflow with Xactus’ VOE/I Waterfall

Timing is everything. And in today’s market – every dollar counts. Did you realize that if you order VOE/Is too early (such as during pre-app when the order is initiated by the borrower) it can increase your costs? Now’s the time to make sure you are being smart about your workflows when various verifications are ordered.

Experience our VOE/I cascade

Once you have assessed the best time to order your VOEs, make sure you make the process as efficient as possible by casting a wider net when validating employment and income with our VOE/I waterfall experience.

It begins with an automated VOE/I that utilizes two direct integrations:

  • The Work Number®, a solution offered through Equifax Workforce Solutions*, and the largest collection of payroll records contributed directly by employers
  • Experian Verify™our newest validation resource that is powered by the most current data available and delivers VOE/I data directly from trusted payroll sources in real time.

The workflow is fully customizable and can be programmed to cascade, meaning if the employer/income isn’t available in one instant database, another one can be checked. You can even cascade to manual verifications for those employers not found in our online databases. And watch for more online databases to be added soon.

The Work Number’s records now limited to 36 months

On October 1, VOEs/VOIs through The Work Number became limited to the most recent 36 months. Please note, you can no longer select active, inactive or both. The system now returns all findings within the past 36 months, and you will be invoiced for all of the returned results. The fee for active and inactive results has remained the same.

This update is in direct response to recent movement within the labor market. Consider this:

  • Over 78 million new hires have less than one year of tenure with their current employer.
  • 55% of mortgage applicants have had more than one job in the last 36 months.
  • The typical U.S. household now spends over 30% of its monthly income on a mortgage payment.

Now verification of employment and income from multiple employers is even more critical to the lending process. For more information, contact your strategic account executive or click here to learn more.

*Equifax Workforce Solutions is a business unit of Equifax Inc., Atlanta, Georgia. Xactus is an authorized reseller of products and services provided through Equifax. The Work Number® is a registered trademark of TALX Corporation, a wholly-owned subsidiary of Equifax Inc.

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