Expedite the Mortgage Verification Data Process With Equifax Spectrum
In the wake of the 2008 financial crisis, mortgage professionals all over the U.S. saw the straightforward mortgage verification process change dramatically. Qualifying the borrower, collecting verification data, fulfilling stipulations and closing the loan became unrecognizable steps. Many people dropped out of the business — never to return — largely because the verification data that banks had once accepted were no longer sufficient. It was impossible to get deals approved, and the industry was turned on its head overnight. While this problem has festered in the years since 2008, a suite of products from Equifax is offering a new approach to this critical issue.
Spectrum streamlines mortgage data verification
One of the major hurdles facing mortgage originators, processors and underwriters is confirming that buyers are representing themselves correctly. As Michael Kuentz of Equifax said, “[After 2008,] we had to right the wrongs and we had to cleanse the problems at several levels to get our industry back on track.”
Now, borrowers must be better qualified. Their identification, employment, income and credit history must be accurately verified. That is why Equifax has introduced the Spectrum platform.
Spectrum offers faster and more accurate processing of borrower data. The platform not only assists mortgage professionals in confirming employment, it also helps to verify other aspects of the loan, such as taxes (IRS 4506-T) and insurance. As such, Spectrum also helps mitigate risk, providing a one-stop shop for almost all verification data.
Spectrum increases ROI
Because mortgage lending is a zero-sum game, Spectrum can help to increase any firm’s return on investment (ROI). After all, competition for prospective borrowers is fierce. A company that can move more loans through the pipeline faster and get them funded will win. Period. That’s why changing to an integrated verification platform is such an advantage. Clients will be more satisfied with the verification process and feel more comfortable giving the coveted referral. These advantages make use of the Spectrum platform a profitable endeavor.
A new way forward
Much has changed since 2008-2009, but much remains the same. Mortgages are still in demand and are, in fact, desperately needed. Mortgage professionals must find a way to, as Kuentz said, “have a lean process for underwriting and closing loans.”
With a growing move from refinance transactions to more documentation-centric purchase transactions, mortgage professionals are scrambling to streamline their processes. Gathering documentation efficiently is essential. Fortunately, the future is here with the Spectrum verification platform from Equifax.
Image source: morgueFile
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