LMG and Equifax to save brokers time and simplify employment income verification through an industry-first partnership

LMG, Australia & New Zealand's largest broker community, is thrilled to announce an industry-first agreement to integrate its MyCRM platform with Equifax Verification Service. This collaboration is a game-changer, simplifying employment income verification to save brokers time and make the process easier and more efficient for brokers and their clients.

Thanks to this capability, brokers within LMG's expansive network will be able to request an automated employment income report directly from MyCRM — LMG’s proprietary business platform that powers broker businesses. This feature will leverage Equifax's up-to-date employment income data sourced through Equifax, offering a fast, secure, and more reliable due diligence process. Where data is available, brokers will no longer need to wait on clients to gather payslips and employment details to provide vital employment income information, reducing both fraud risks and simplifying the process of employment income verification.

Ewen Stafford, Executive Director & Chief Operating Officer commented, “This agreement with Equifax signifies LMG’s commitment to saving brokers time. LMG is constantly exploring ways to innovate through technology and automation so brokers can spend more time with their clients and focus on growing their business.” 

Once integrated into MyCRM, the Equifax Verification Exchange will significantly accelerate employment income verifications while upholding rigorous security and compliance standards. By directly accessing employment income data, brokers will more easily meet compliance obligations and have an additional layer of security and privacy of consumer data.  Furthermore, this feature will offer the benefit of standardised employment income reports, which adds a layer of consistency that is invaluable in today's fast-paced environment.

Dylan John, Executive General Manager for Equifax Workforce Solutions Australia & NZ said, "We are thrilled to be able to bring our award-winning Verification Exchange solution to the LMG broker community. With this technology, brokers can also enable the lender to access this employment income information, meaning the customer will no longer have to manually provide copies of payslips separately, ultimately resulting in a faster loan approval process and better customer experience”. 

Integration of Equifax Verification Exchange into MyCRM will commence shortly and is expected to be piloted to brokers in the first quarter of 2024.