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SharperLending LLC Partners with Equifax to Provide New Mortgage Fraud Identification and Prevention Tools for Lenders,

  SharperLending LLC Partners with Equifax to Provide New Mortgage Fraud
  Identification and Prevention Tools for Lenders, Resellers

 New Equifax Undisclosed Debt Monitoring^TM Service Assists Lenders with LQI
                                  Compliance

Business Wire

SPOKANE, Wash. -- March 20, 2013

Mortgage technology provider SharperLending LLC announces the availability of
a new mortgage fraud identification and prevention tool for lenders. The new
Undisclosed Debt Monitoring^TM service – powered by a data integration with
Equifax, a global leader in consumer, commercial and workforce information
solutions – is the latest addition to a line of existing LQI compliance
products offered by SharperLending.

As a part of the SharperLending compliance product suite, this new undisclosed
debt monitoring tool will help to facilitate lender compliance with the GSE
Loan Quality Initiative (LQI) guidelines that were implemented in 2010. The
service provides lenders with continuous monitoring and daily reporting
information regarding a borrower's credit activity from the time the first
credit report is pulled at origination to when the loan closes. This daily
reporting of activity greatly increases the potential to identify and prevent
instances of mortgage fraud. It also helps protect lenders by notifying them
about any changes to the borrower's ability to repay the loan. This ensures
that lenders only close loans when the mortgagee fits the loan program
underwriting requirements - and enables them to make loan program changes as
needed.

SharperLending's current tools include a soft-inquiry credit report pull right
before closing and an automatic comparison between the report pulled at
origination and the report pulled just before closing. The ability for
SharperLending to provide all undisclosed debt liability activity alongside
the existing credit report keeps all relevant credit files together in a
secure, easy-to-locate virtual credit folder.

“SharperLending is excited to partner with Equifax to combine undisclosed debt
monitoring with our existing LQI compliance tools,” says Dave Black, President
and CEO of SharperLending LLC. “The daily monitoring of changes to a
borrower's credit report provides lenders with the information they need when
a borrower takes out new lines of credit once they have been approved for a
loan. It also complements lenders' workflow by enabling them to take
appropriate action well before closing - to modify the approved loan package
or, if the activity is suggestive of fraud, to stop the loan from closing
altogether.”

SharperLending is one of a select few credit reporting technology providers
authorized by the nationwide credit reporting agency, Equifax, to offer this
service to its reseller base.

“Equifax is pleased to expand its proprietary Undisclosed Debt Monitoring
offering to SharperLending clients,” says Craig Crabtree, Senior Vice
President of Mortgage Services at Equifax. “This integration provides an
‘always on’ technological solution, as well as the transparency needed to
enhance risk mitigation during the ‘quiet period’ and assist with their LQI
compliance requirements.”

About Equifax

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 uses
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.

About SharperLending LLC

Headquartered in Spokane, Wash., SharperLending LLC was founded in 1989 and
was the first to offer a complete Web browser-based mortgage credit reporting
system on the Internet. The company’s proven technology has processed more
than 500 million secure mortgage transactions. SharperLending, LLC, has three
divisions under its corporate umbrella: SharperLending Mortgage Services
Division, the mortgage services and Appraisal Firewall platforms;
SharperLending Credit Division, technology for the credit reporting industry;
and SharperLending Solutions, the loan origination product packaging division.
For more information, follow us on Facebook, Twitter or Linkedin, call
(800)452-1174, or visit www.SharperLending.com.

Contact:

SharperLending LLC
Matt Brannon, 800-452-1174
Matt.Brannon@SharperLending.com
 
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