As a mortgage lender, you are in the business of making the lending process easy and seamless for your customers. Finding ways to remove the friction from the underwriting process and closing loans quicker is your ultimate goal. At Thomas & Company, we understand this, and our Employment & Income Verifications Service is designed to enable your success and help you achieve those goals. Thomas and Company is deep-rooted in the industry. As a privately held company based in Nashville, TN, we establish long-term relationships with our employer clients which allows us to employ a database of millions of payroll records. This secure and up-to-date database allows lenders to make decisions and individuals the ability to live the financial life they have earned. We are different than the other data providers in the market, we believe that you must marry technology and excellent customer service together to deliver employment and income verifications in ways that are simple and easy, improve the data quality and integrity, and speed up the process of verifying employment and income data.
Determine Your Client’s Income and Employment Easily and Efficiently
Speed Matters
The underwriting process is a long one and any time that can be shaved off is a win for both you and your mortgage client. Thomas & Company allows you to obtain proof of income instantly rather than waiting for days for the borrower to pull together documents or wait for a response from their employer.
Data Privacy
Some Employment and Income data providers are boasting that they can give you access to payroll data by using the borrower’s login and credentials to access their payroll records. As a lender, data privacy is a big concern and at Thomas & Company, our service provides you with the real data that you need to verify income and employment that is consumer permissioned and eliminates the potential data privacy issues that some processes introduce.
Accurate Data = Reduced Fraud
According to a HousingWire.com article, the risk of income fraud rose 23.7% in the second quarter of 2022 which was the largest year-over-year increase. “The trend is not surprising, considering that purchase loans, which account for more mortgage transactions than refinances these days, are more susceptible to fraudulent activity, the report said.” By using Thomas & Company to verify income and employment, you can rest assured that the income data is accurate and avoid situations where doctored paystubs or fraudulent mortgage documents are provided for underwriting. The information that we provide comes direct from the employer and is reported exactly as it is received.
Data Integrity
Our data accuracy and integrity are superior to that of our competitors. As employer clients switch over to Thomas & Company, we often uncover data integrity issues that have gone unaddressed by the previous providers of income and employment data which leads to additional work in the underwriting process. We work with each and every one of our clients to address any potential data issues before we begin sharing information with our lenders to ensure that you get the most accurate data the first time. Our commitment to data quality doesn’t end there either. Unlike other data suppliers, we are constantly reviewing the data we receive as sometimes small changes can have a big impact on the information we receive.
FCRA Compliant
The FCRA requires any prospective user of a consumer report, for example, a lender, insurer, landlord, or employer, among others, to have a legally permissible purpose to obtain a report. With Thomas & Company’s compliance with FCRA we ensure that you remain compliant, too.
Contact Us Today
Verifying income and employment with Thomas & Company can help background screeners reduce the turnaround times, with more accurate data and with the type of service and support that you offer to your own clients. Learn more about becoming part of the T&C Verifier Network today or sign-up for news and client updates.