Equifax Introduces Loan-Mod System

Equifax Inc., Atlanta, has introduced a loan modification system aimed at streamlining the determination of who qualifies for assistance under the HOPE NOW alliance of counselors, servicers, investors, and other mortgage market participants.HOPE NOW recently developed a plan to help financial institutions direct borrowers into four categories: those eligible for refinancing; those eligible for a loan modification; those who need intensive analysis of their debts and income; and those who can afford the higher reset rate and therefore require no assistance. "Leveraging the power of our vast data and advanced analytics, we are equipping lenders with a systematic solution that offers a clear and concise way to segment their portfolios, evaluate loan modification requests, and streamline the qualification process," said Dann Adams, president of U.S. consumer information solutions at Equifax. the company can be found on the Web at http://www.equifax.com.