As a result, lenders can close loans faster and pass savings to consumers. The Work Number system allows the randomly generated authorization codes to be used only once, and a limited number of authorization codes for each employee can be in use at any one time. For example, if an employee is applying for a home mortgage with several different lenders, only three authorization codes can be active at once. Since the service is automated, information about employees is obtained discreetly and is not subject to human interpretation or errors. There is no charge to the individual employees.
Lenders pay a nominal fee to access the service.
Four of the nation' s top five mortgage lenders, including Countrywide Funding, Norwest, Fleet Mortgage, and Chase Manhattan Morgage are using the service. More than 150 additional lenders are using he service, with about two new lenders a day subscribing. Also, Freddie Mac recently announced it is including The Work Number as part of its GoldWorks electronic network service for automatin gloan underwriting. Wal-mart, the nation's second largest employer with more than 620,000 current associates, uses the service. A number of federal government agencies, such as US Customs, the IRS, and the US Secret Service also participate in the serice, allowin ginstatnt verification for their employees.