Equifax Boosts Lender Confidence, Introduces Spectrum™ Verification Services Platform at MBA Annual 2012 PR Newswire ATLANTA, Oct. 22, 2012 ATLANTA, Oct. 22, 2012 /PRNewswire/ --Equifax announced today at the 2012 Mortgage Bankers Association Annual Convention & Expo the availability of its Spectrum™ Verification Services Platform, which strengthens lender confidence by streamlining the verification processes through underwriting, QA and closing. (Logo: http://photos.prnewswire.com/prnh/20060224/CLF037LOGO ) Equifax developed Spectrum to help lenders gain efficiencies and improve overall loan quality production, which helps mitigate loan repurchase risk. Fully automated, Spectrum rapidly delivers loan-level verifications by combining unique data assets with integrated workflow processes to reduce fraud, improve overall loan quality and cycle times, avoid capacity issues, and reduce costs. Spectrum also provides real-time access with intuitive ordering and tracking screens to efficiently deliver the most current and accurate data. Verification services currently offered through Spectrum include: employment and payroll income via The Work Number®—Equifax's proprietary database of over 210 million employer-direct payroll records, IRS tax transcripts (4056-T), identity and social security number authentication, verification of deposits, and verification of hazard insurance coverage. Spectrum enables the lender to order a full array of verification reports through a single, intuitive web interface, or through direct system integration. A system-driven workflow assembles the verifications using both database content and information collected and audited manually by trained verification specialists. For several clients, Spectrum has demonstrated clear efficiency gains and cost savings over in-house processing. Additionally, Spectrum features Undisclosed Debt Monitoring™ (UDM), which is the mortgage industry's only service that continuously monitors and distributes daily alerts of new loan applicant activity initiated during the pre-funding stage of a loan. UDM reduces risk and protects lenders from repurchase demands and unsalable loans related to inaccurately reported debt-to-income ratios. "Mitigating loan repurchase risk is a significant issue for lenders today," said Michael Kuentz, senior vice president of Equifax Verification Services. "Through the level of transparency into borrower financial health that Spectrum provides, we are empowering lenders to simultaneously increase the production of quality loans and reduce compliance concerns." 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. SOURCE Equifax Website: http://www.equifax.com Contact: Daryl S. Toor, +1-404-885-8858, Daryl.email@example.com or Tim Klein, +1-404-885-8555, firstname.lastname@example.org
Equifax Boosts Lender Confidence, Introduces Spectrum™ Verification Services Platform at MBA Annual 2012
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