Press Releases

ATLANTA, Oct. 16, 2014 /PRNewswire/ -- Equifax Inc. (NYSE:EFX), a global information solutions company, today announced that it is a finalist for Mortgage Technology Magazine's "Fix-it Award" for its Verification Services Broker Network and Forensic Audit solution, which enables mortgage lenders comply with increased regulatory requirements and adhere to stringent due diligence guidelines by directly verifying income and tax documentation through a trusted source, like the IRS.

Mortgage Technology's "Fix-it Award" recognizes technology that provides an effective solution to a specific industry problem, need or channel. The winner will be announced Oct. 19 at the 15^th Annual Mortgage Technology Awards Ceremony, held in conjunction with the Mortgage Bankers Association (MBA) Annual Convention & Expo in Las Vegas.

During processing and underwriting, lenders with wholesale or correspondent channels especially need the ability to access copies of an applicant's tax transcript or wage statements from an independent third party. Cases of fraud in the marketplace have been discovered where an applicant's self-reported information or broker altered documents, including tax transcripts, were used during the underwriting process to ensure qualification of the applicant. With the Broker Network and Forensic Audit solution, lenders, quality assurance analysts, and secondary market investigators can pull an audit copy of the original tax transcripts ordered to ensure that the loan file documentation is accurate and has not been altered to gain initial funding approval by brokers and lenders. In addition, the solution allows tax transcripts to be ordered and managed through an integrated "document vault" for the life of the loan by an independent third-party.  The Broker Network & Forensic Audit solution counteracts detrimental legacy practices within the industry while setting a new verification services standard for lenders.

"Loan compliance impacts every aspect of the mortgage industry – from origination to servicing. As investors and servicers short up loan portfolios, they must be capable of identifying unhealthy loans and eliminate them from pipelines," said Michael Kuentz, senior vice president of Equifax Mortgage Services. "Resolving this issue ensures loan file documentation accuracy, which is crucial as the industry shifts from a refinance to a purchase mindset. We are very honored to be a considered for this award and named as one of the leading companies working to improve the industry for consumers and lenders alike."

About Equifax Inc.

Equifax 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 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or has investments in 19 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. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.

SOURCE Equifax Inc.