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Equifax’s Work Number is too expensive and regulators should look into it: CHLA

Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration (FHA) and Federal Housing Finance Agency (FHFA) should potentially do something about it, an influential mortgage trade group argued this week.

In a letter submitted to FHA commissioner Julia Gordon and FHFA director Sandra Thompson on Thursday, the Community Home Lenders of America (CHLA) expressed concern that the cost of employment verifications charged by Equifax is “excessive” as income verification is required for both during loan underwriting and just before closing.

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