Equifax (EFX) Launches a New Mortgage Verification Solution – November 20, 2020

Equifax Inc. (EFX Free Report) announced yesterday that it has launched Mortgage Duo, a mortgage verification solution aimed at providing lenders, with permissible purpose, automated verification options.

Equifax noted that a lot of mortgage loans for single family homes involve co-borrowers and that the October Mortgage Bankers Association Forecast expects home loans to maintain an upbeat trajectory in 2021. So the new solution is developed at par with the growing need for an effortless, hassle-free, digital lending experience.

Enhanced Through Work Number Database

Mortgage Duo allows credentialed mortgage lenders to return instant verifications of employment and income for joint applicants through a single transaction via The Work Number database, a centralized commercial repository of income and employment information in the United States. A lender using Mortgage Duo need not place individual orders for each borrower’s report.

According to Joel Rickman, SVP of Verification Services for Equifax, “The breadth of The Work Number database, with more than 111 million active records, allows us to deliver a new verification solution that helps lenders continue to build efficiency into their digital originations.”

Notably, Equifax shares have gained 24.1% over the past year, outperforming the 9% rally of the industry it belongs to.

Zacks Rank & Stocks to Consider

Currently, Equifax carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Business Services sector are Republic Services (RSG Free Report) , Gartner (IT Free Report) and Insperity (NSP Free Report) , each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1(Strong Buy) Rank stocks here.

Long-term earnings (three to five years) growth rate for Republic Services, Gartner and Insperity is estimated at 9.4%, 13.5% and 15%, respectively.

5 Stocks Set to Double

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