ATLANTA, Oct. 18, 2012 /PRNewswire/ -- Equifax announced today that it is a finalist for Mortgage Technology Magazine's "Release of the Year" Award for its new Spectrum Platform, an automated end-to-end solution that delivers all mortgage loan-level verifications with real-time monitoring for undisclosed liabilities to mitigate loan repurchase risks.
Mortgage Technology's "Release of the Year" Award recognizes new software platforms, alliances and initiatives that will have the broadest future impact on the mortgage industry. The winner will be announced Oct. 21 at the 13 th Annual Mortgage Technology Awards Ceremony, held in conjunction with the Mortgage Bankers Association (MBA) Annual Convention & Expo in Chicago.
Equifax developed the Spectrum Platform to mitigate loan repurchase risk after research of the top five lenders found that each repurchase potentially cost lenders as much as $70,000. According to Fannie Mae's National Underwriting Center, undisclosed liabilities in loan reviews continue to represent the leading type of significant borrower misrepresentation – 44 percent of all 2011-2012 originations. Equifax' s Spectrum enables lenders to quickly identify potential borrower misrepresentation or undisclosed debt early in the origination process, reducing re-work at underwriting and closing, helping lenders prevent fraud, and keeping closings on schedule. Verification processes are tailored for compliance with ever-changing regulatory requirements such as Fannie Mae's Loan Quality Initiative (LQI) and Dodd-Frank Qualified Residential Mortgage (QRM)."Mortgage lenders need more transparency into the credit activity of borrowers during the underwriting process in order to better mitigate risk and improve underwriting efficiency – and supplemental 'static' reports are not the answer," said Michael Kuentz, senior vice president of Equifax Mortgage Services. "Equifax is working closely with customers to address this emerging industry need to help them approve quality loans. As the winner of last year's 'Synergy Award,' we are honored to again be recognized among the leaders in developing the new technologies and initiatives that will define the future of the industry." About Equifax, Inc. Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.