Equifax launched a new verification services platform, designed to support loan production through underwriting, quality assurance and closing processes.
The new platform, called Spectrum Verification Services, was launched during the 2012 Mortgage Bankers Association Annual Convention. Equifax said in a statement that it developed Spectrum to help lenders gain efficiencies and improve overall loan quality production, which it says will help mitigate loan repurchase risk.
Verification services currently offered through Spectrum include: employment and payroll income Equifax's proprietary database of more than 210 million employer-direct payroll records, IRS tax transcripts, identity and Social Security number authentication, verification of deposits, and verification of hazard insurance coverage.
The Spectrum platform will also includes undisclosed debt monitoring, which continuously monitors and distributes daily alerts of new loan applicant activity initiated during the pre-funding stage of a loan.
"Mitigating loan repurchase risk is a significant issue for lenders today," said Michael Kuentz, senior vice president 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."