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Equifax Announces Availability of Spectrum Verification Platform

""Equifax"":http://www.equifax.com/home/en_us announced the launch of its Spectrum Verification Services Platform designed to strengthen lender confidence by streamlining the verification processes through underwriting, QA, and closing.

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The company developed Spectrum to help lenders gain efficiencies and improve overall loan quality production to mitigate repurchase risk. The fully automated platform 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. In addition, Spectrum provides real-time access with intuitive ordering and tracking screens to efficiently deliver the most current and accurate data.

Verification services currently offered on the platform include: employment and payroll income through Equifax's ""The Work Number"":http://www.theworknumber.com/ database; IRS tax transcripts (4056-T); identity and social security number authentication; verification of deposits; and verification of hazard insurance coverage. Spectrum also enables lenders to order a full array of verification reports through a single, intuitive web interface or through direct system integration.

Additionally, Spectrum features Undisclosed Debt Monitoring (UDM), 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 is designed to reduce risk and protect lenders from repurchase demands and unsalable loans related to inaccurately reported debt-to-income ratios.

""Mortgage loan repurchase risk is a significant issue for lenders today,"" said Michael Kuentz, SVP 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.""

Headquartered in Atlanta, Georgia, Equifax is a global provider of business information solutions.

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