Equifax a Finalist for Mortgage Technology's 2012 "Release of the Year" Award
ATLANTA, Oct. 18, 2012
ATLANTA, Oct.18, 2012 /PRNewswire/ --Equifax announced today that it is a
finalist for Mortgage Technology Magazine's "Release of the Year" Award for
its new Spectrum Platform, an automated end-to-end solution that delivers all
mortgage loan-level verifications with real-time monitoring for undisclosed
liabilities to mitigate loan repurchase risks.
Mortgage Technology's "Release of the Year" Award recognizes new software
platforms, alliances and initiatives that will have the broadest future impact
on the mortgage industry. The winner will be announced Oct. 21 at the 13^th
Annual Mortgage Technology Awards Ceremony, held in conjunction with the
Mortgage Bankers Association (MBA) Annual Convention & Expo in Chicago.
Equifax developed the Spectrum Platform to mitigate loan repurchase risk after
research of the top five lenders found that each repurchase potentially cost
lenders as much as $70,000. According to Fannie Mae's National Underwriting
Center, undisclosed liabilities in loan reviews continue to represent the
leading type of significant borrower misrepresentation – 44 percent of all
2011-2012 originations. Equifax' s Spectrum enables lenders to quickly
identify potential borrower misrepresentation or undisclosed debt early in the
origination process, reducing re-work at underwriting and closing, helping
lenders prevent fraud, and keeping closings on schedule. Verification
processes are tailored for compliance with ever-changing regulatory
requirements such as Fannie Mae's Loan Quality Initiative (LQI) and Dodd-Frank
Qualified Residential Mortgage (QRM).
"Mortgage lenders need more transparency into the credit activity of borrowers
during the underwriting process in order to better mitigate risk and improve
underwriting efficiency – and supplemental 'static' reports are not the
answer," said Michael Kuentz, senior vice president of Equifax Mortgage
Services. "Equifax is working closely with customers to address this emerging
industry need to help them approve quality loans. As the winner of last year's
'Synergy Award,' we are honored to again be recognized among the leaders in
developing the new technologies and initiatives that will define the future of
About Equifax, Inc.
Equifax is a global leader in consumer and commercial information solutions,
providing businesses of all sizes and consumers with information they can
trust. We organize and assimilate data on more than 500 million consumers and
81 million businesses worldwide, and use advanced analytics and proprietary
technology to create and deliver customized insights that enrich both the
performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries
and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is
traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more
information, please visit www.equifax.com.
Contact: Daryl S. Toor, +1-404-885-8858, Daryl.email@example.com, Tim Klein,
Press spacebar to pause and continue. Press esc to stop.