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TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Equifax Upgrades Income Verification Service
ATLANTA (8/19/13)--Equifax has enhanced its retro income verification service, Point In Time, and integrated it with its Spectrum Verification Services Platform.

The upgrade provides lenders and servicers with a tool to reduce repurchase requests by delivering the current and accurate loan-level verification of a borrower's employment and income at the time of loan origination, Equifax said.

Point In Time delivers timely and precise income data to confirm original verification information, according to Equifax. Using a custom, automated workflow designed to capture and reuse employer data by tracking and documenting agent progress and findings, the service verifies a borrower's income at the point of loan funding without compromising data security.

Point In Time then documents and archives all information obtained during fulfillment to ensure accuracy and completeness, Equifax said .

Point In Time now allows lenders and servicers to:
  • Place multiple employers with one order;
  • Search and manage orders by loan number;
  • Receive fulfillment documents in PDF format;
  • Monitor and view other orders in progress;
  • Report at an individual level to monitor performance;
  • Send results to the document management system;
  • View results multiple times; and
  • Order results in a "batch" format.


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