Regulators Urged to Investigate Equifax’s Work Number for High Costs

The Community Home Lenders Association (CHLA) has urged both the Federal Housing Administration (FHA) and the Federal Housing Finance Agency (FHFA) to impose restrictions on the expenses associated with Equifax electronic employment income verifications. The CHLA is calling for these costs to be maintained at a “reasonable” level, in order to safeguard both consumers and mortgage lenders. The demand for limitations on fees comes amidst concerns over the financial burden that such verifications might place on borrowers, particularly those from lower-income brackets.

Key points from the CHLA’s request include:
– Advocating for limitations on Equifax electronic employment income verification costs
– Emphasizing the need to keep expenses at a reasonable level to prevent financial strain on borrowers
– Seeking to protect both consumers and mortgage lenders from excessive fees

You can read this full article at: https://www.housingwire.com/articles/equifaxs-work-number-is-too-expensive-and-regulators-should-look-into-it-chla/(subscription required)

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