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.