Chicago, Illinois-based mortgage tech firm Gateless announced an integration of its Smart Underwrite solution product with The Work Number – a digital verification solution – from consumer credit reporting agency Equifax.

Smart Underwrite allows lenders to digitally analyze and interpret all essential loan data and documentation the moment they are received. 

For instance, when a borrower submits W2s and paycheck stubs, Smart Underwrite identifies the documents, associates them with the appropriate borrower income source, extracts relevant information, calculates monthly income and resolves any underwriting conditions.

The integration with The Work Number will enable credentialed lenders to instantly verify applicants’ employment and income information through seamless API connections, Gateless said.

“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,” said Katie King, chief risk officer and head of partner strategy at Gateless.

Chicago, Illinois-based lender Guaranteed Rate launched Gateless in March 2021 after it acquired AI Foundry, a Kodak Alaris business unit. 

The mortgage tech firm subsequently spun off as a separate company after finding quick success with the deployment of its technology solutions. 

In 2022, Gateless’ Smart Underwrite application integrated with Fannie Mae‘s Desktop Underwriter and Freddie Mac‘s Loan Product Advisor the following year.

In that same year, Gateless announced a strategic partnership with Google Cloud to accelerate document classification and extraction coverage.

Guaranteed Rate adopted Smart Underwrite in May 2023 to expedite and streamline the underwriting process.