Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Equifax offers verification platform for quicker loans
ATLANTA (10/23/12)--Equifax has released the Spectrum Verification Services Platform, which strengthens lender confidence by streamlining the verification process.

Equifax developed Spectrum to help lenders gain efficiencies and improve overall loan quality production, which helps mitigate loan repurchase risk. Spectrum is fully automated and 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, Equifax said.

Spectrum also provides real-time access with ordering and tracking screens to deliver current and accurate data, the company said.

Verification services currently offered through Spectrum include: employment and payroll income via The Work Number--Equifax's proprietary database of more than 210 million employer-direct payroll records, Internal Revenue Service tax transcripts (4056-T), identity and Social Security number authentication, verification of deposits, and verification of hazard insurance coverage. Spectrum assists lenders in ordering verification reports through a single Web interface, or through direct system integration.

Spectrum also features Undisclosed Debt Monitoring (UDM), which 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.


RSS





print
News Now LiveWire
#Creditunion #SuperBowlXLIX #Commercials @ArizonaFederal w/@kurt13warner #MyComeback
8 hours ago
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 hour ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 hour ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
2 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
3 hours ago