Gateless, a visionary mortgage lending technology company that is redefining mortgage underwriting with real-time automation, today announced the integration of its flagship Smart Underwrite™ product with The Work Number® from Equifax. This new integration will equip credentialed lenders using Smart Underwrite™ to leverage The Work Number® to instantly verify applicants' employment and income information, further delivering on the Gateless promise of deploying intelligent automation to shape the future of lending.
“Both Equifax and Gateless are committed to leveraging automation to help ease the workflow challenges associated with the mortgage underwriting process,” said Joel Rickman, Senior Vice President of Verification Services at Equifax Workforce Solutions. “The instant applicant income and employment information provided by The Work Number® will help lenders using the Smart Underwrite™ product make faster, data-driven decisions.” Gateless Smart Underwrite™ is poised to revolutionize the mortgage industry by harnessing the power of intelligent automation, fundamentally reshaping essential underwriting processes, delivering faster underwriting approvals via the real-time evaluation of critical borrower data. The integration with The Work Number® empowers credentialed lenders to seamlessly incorporate employment and income data into the Smart Underwrite™ application through seamless API connections.
Within the Smart Underwrite™ solution, loan information including credit, income, and asset source data and/or documentation undergoes meticulous analysis, automating key facets of the underwriting process, while ensuring compliance with investor guidelines. The results: a new benchmark for operational efficiency and cost to originate a loan, higher quality loans with reduced risk of repurchase, and an unparalleled borrower experience.
“Smart Underwrite™ will forever change the mortgage origination landscape by harnessing the power of real-time, event-driven, automation,” affirmed Katie King, Chief Risk Officer, and Head of Partner Strategy at Gateless. “It extends beyond evaluating income and employment data; it involves enhancing decision-making across all essential loan application inputs needed to generate a faster underwriting decision. Through technology, our partnership with Equifax creates a real-time connection between direct-source data and underwriting decisions, eliminating time-consuming human review, empowering lenders to streamline operations, boost profitability, and help avoid risk.”