Equifax has integrated its Point in Time and Spectrum Verification Service tools into its retro income verification platform designed to enable users to reduce mortgage loan repurchase requests.
According to Anir Pradhan, senior marketing officer of
The goal is to improve loan default management processes for lenders and servicers through continuous updates that provide the most current and accurate loan-level data verification including borrower employment and income information at the time of loan origination.
Using a custom, automated workflow Point in Time helps capture and reuse employer data by tracking and documenting agent progress and findings, verifies a borrower's income at the point of loan funding, and then saves and archives all information obtained during fulfillment.
The updated Point in Time allows users “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, monitor performance and send results to the document management system multiple times.
In addition, it has been “fully integrated with the Equifax Spectrum Verification Services Platform that helps lenders perform overall loan quality assessments at the loan-level. The platform also combines integrated workflow processes to reduce fraud.
"As lenders and servicers aim to clear portfolios of nonperforming loans,” they need to pinpoint the specific documentation needed to validate a loan is extremely critical to achieving success," Pradhan said.
