Equifax is launching a platform to help verify information for loan applications.
Spectrum Verification Services Platform provides loan-level verifications by combining unique data assets with integrated workflow processes to reduce fraud, improve overall loan quality and reduce costs, Equifax said Monday.
Spectrum currently offers verification services for employment and payroll income, IRS tax transcripts, identity and Social Security number authentication and verification of deposits and hazard insurance coverage. Lenders are able to order a range of verification reports through a single web interface or direct system integration.
The platform also features undisclosed debt monitoring, which monitors and distributes daily alerts of new loan applicant activity initiated during the pre-funding stage of a loan. This helps to reduce risk and protects lenders from repurchase demands and unsalable loans related to inaccurately reported debt-to-income ratios, Equifax said.
"Mitigating loan repurchase risk is a significant issue for lenders today," Michael Kuentz, senior vice president of Equifax Verification Services, said in a news release. "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."