LPS Partners with Equifax to Offer Lenders Employment Verifications through
the Loan Quality Gateway
Automated Ordering of VOEs Helps Lenders Expedite Loan Process
JACKSONVILLE, Fla. and ATLANTA, Oct. 23, 2012
JACKSONVILLE, Fla. and ATLANTA, Oct. 23, 2012 /PRNewswire/ -- Lender
Processing Services, Inc. (NYSE: LPS), a leading provider of integrated
technology, data and analytics to the mortgage and real estate industries, and
Equifax, a global leader in consumer, commercial and workforce information
solutions, announced today that lenders can automatically order Equifax
Verifications of Employment (VOEs) through the LPS Loan Quality Gateway,^®
expediting the loan origination process.
(Logo: http://photos.prnewswire.com/prnh/20120802/FL50731LOGO )
The LPS Loan Quality Gateway is an open platform that provides the
integrations, data management, decisioning and workflow management required
for current and emerging loan quality programs. Through this platform, lenders
can automate the ordering of Equifax VOEs to reduce the time and errors
associated with manual VOE-ordering processes.
This new value-added service streamlines VOE-related tasks required for
processing, underwriting, quality assurance and closing. Current employment
and income information via The Work Number^® — Equifax's proprietary database
of more than 210 million employer-direct payroll records — or a Fannie Mae
Form 1005 and supporting documentation are provided with each VOE order,
helping lenders reduce rework at underwriting and closing. The VOE solution
also helps to reduce loan buyback risk by using third-party verification to
identify errors and borrower misrepresentation.
Using best-in-class workflow processes tailored for compliance with regulatory
requirements, Equifax VOEs are uniformly conducted and meticulously documented
to stand up to quality assurance reviews and rigorous underwriting guidelines.
The VOE service is offered by LPS' subsidiary RealEC Technologies, which
powers the LPS Loan Quality Gateway, and Equifax's Workforce Solutions, a
leader in services to human resources, payroll and tax departments in all
industries, as well as the public sector.
"The integration of Equifax's VOE capabilities with LPS' Loan Quality Gateway
offers lenders the technological power, flexibility and quality needed to
deliver industry-leading verifications to close loans with greater speed and
confidence," said Michael Kuentz, senior vice president of Equifax
"We are continuing to look at additional opportunities to leverage the Loan
Quality Gateway, which helps provide high-quality loan originations.
Partnering with a verification leader like Equifax to offer this best-in-class
VOE service represents a significant example of this commitment and focus,"
said Dan Scheuble, chief operating officer at LPS.
The addition of Equifax's VOE service complements the existing loan
origination services available on the LPS Loan Quality Gateway, including
appraisals; automated valuation models (AVMs); title insurance; closing
services; flood insurance; verifications of income and identity; mortgage
insurance; and fraud prevention tools.
About Lender Processing Services (LPS)
LPS (NYSE: LPS) is a Fortune 1000 company headquartered in Jacksonville, Fla.,
employing approximately 8,000 professionals. LPS delivers comprehensive
technology solutions and services, as well as powerful data and analytics, to
the nation's top mortgage lenders, servicers and investors. As a proven and
trusted partner with deep client relationships, LPS offers the only end-to-end
suite of solutions that provides major U.S. banks and many federal government
agencies the technology and data needed to support mortgage lending and
servicing operations, meet unique regulatory and compliance requirements and
These integrated solutions support origination, servicing, portfolio retention
and default servicing. LPS' servicing solutions include MSP, the industry's
leading loan-servicing platform, which is used to service approximately 50
percent of all U.S. mortgages by dollar volume. The company also provides
proprietary data and analytics for the mortgage, real estate and capital
markets industries. For more information, please visitwww.lpsvcs.com.
RealEC Technologies, a subsidiary of LPS, operates the RealEC Exchange, the
mortgage industry's leading Electronic Partner Network, enabling lenders and
their business partners to electronically connect, collaborate and automate
their business processes.
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information
solutions, that provides businesses of all sizes and consumers with insight
and information they can trust. Equifax organizes and assimilates 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. Equifax's Workforce Solutions is a leader in human resource,
employment, tax management, and payroll-related services. For more
information, please visit www.equifax.com/mortgage.
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 http://www.equifax.com.
SOURCE Lender Processing Services, Inc.
Contact: LPS media, Michelle Kersch, +1-904-854-5043,
email@example.com, or LPS investor, Nancy Murphy, +1-904-854-8640,
firstname.lastname@example.org; or Equifax media, Tim Klein, +1-404-885-8555,
email@example.com, or Equifax investor, Jeff Dodge, +1-404-885-8300,
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