ATLANTA, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Equifax announced that it has significantly enhanced its retro income verification service, Point In Time™, and integrated it with its Spectrum™ Verification Services Platform, providing lenders and servicers a comprehensive tool to reduce repurchase requests by delivering the most current and accurate loan-level verification of a borrower's employment and income at the time of loan origination.
Point In Time serves as an important tool by delivering timely and precise income data to confirm original verification information. Using a custom, automated workflow designed to capture and reuse employer data by tracking and documenting agent progress and findings, the service quickly verifies a borrower's income at the point of loan funding without compromising data security. Point In Time then documents and archives all information obtained during fulfillment to ensure accuracy and completeness.
With updated capabilities, Point In Time allows lenders and servicers 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;
- Report at an individual level to monitor performance;
- Send results to the document management system;
- View results multiple times; and
- Order results in a "batch" format.
In addition to these enhancements, Point in Time has been fully integrated with the Equifax Spectrum Verification Services Platform, which was developed to help lenders gain efficiencies and improve overall loan quality production by delivering loan-level verifications. The fully automated platform combines unique data assets with integrated workflow processes to reduce fraud, improve overall loan quality and cycle times, avoid capacity issues and reduce costs.
"As lenders and servicers aim to clear portfolios of non-performing loans, the ability to pinpoint the specific documentation needed to validate a loan is extremely critical to achieving success," said Anir Pradhan, Senior Marketing Officer of Equifax Workforce Solutions. "Enhanced and now fully integrated with our Spectrum platform, lenders and servicers have the tools to retroactively analyze loan-level data to ensure the appropriate handling of repurchase requests and reduce losses from unnecessary buybacks."
About Equifax, Inc.
Equifax (NYSE:EFX) is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers. Equifax Workforce Solutions (formerly TALX), an Equifax business unit, is a leader in human resource, employment, tax management, and payroll-related services.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.
CONTACT: Demitra Wilson (404) 885-8907 Demitra.Wilson@equifax.com