An important component in subprime auto finance underwriting is gauging the potential contract holder’s ability to make installment payments.

LAUNCHER.SOLUTIONS and Equifax are teaming up to help finance companies with that stipulation.

This week Equifax and LAUNCHER.SOLUTIONS, a technology provider specializing in subprime automotive originations, announced an integration of Launcher’s appTRAKER Loan Origination System with The Work Number database and its repository of payroll data, provided by Equifax Workforce Solutions.

Executives highlighted the appTRAKER Loan Origination System was designed specifically for subprime and near-prime finance companies. Integrating The Work Number with appTRAKER LOS can allow finance companies utilizing appTRAKER LOS to automatically access employment and income information, helping to reduce time and errors that can occur in a manual process.

More than 10,000 employers nationwide are included in The Work Number database of income and employment records, including the majority of federal government civilian employers and 82 percent of the Fortune 500.

Data within The Work Number database updates every payroll cycle.

“Our integration with The Work Number adds value to appTRAKER LOS for our lenders,” said Nikh Nath, president of LAUNCHER.SOLUTIONS.

“The verifications provided by The Work Number can be run automatically or manually, during the underwriting phase or the verification phase,” Nath continued. “The integration allows the quality and flexibility needed to book loans quickly and efficiently.”

Lou Loquasto, vice president, dealer and auto finance leader for Equifax, mentioned that the company expanded The Work Number database substantially in 2017.

“Auto lender confidence in the availability of The Work Number data could reduce consumer requirements to provide income and employment documentation and soon become a table stake for the industry,” Loquasto said.