TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1484258
4 | M R EP O RT MTECH Enhancing the Verification Process EQUIFAX ANNOUNCES EXPEDITED OPTIONS FOR MANUAL VERIFICATIONS OF INCOME E quifax has enhanced its manual verification of income (VOI) service from Equifax Workforce Solutions with Priority Next Day and Pri- ority Two Day options, designed to help expedite the research process when information is not instantly available via The Work Number database. "Our customers rely on rapid verifications of income to help them meet the needs of consum- ers in today's fast-paced world," said Scott Maxfield, VP for Verifications at Equifax Workforce Solutions. "When instant verifications are not available, our manual Priority offerings provide a fast and convenient option, with built-in automation, to help move processes forward for social service determinations and rede- terminations as well as for auto, credit, mortgage, and personal loan decisions." Priority Next Day and Priority Two Day offerings deliver low- risk, high-value solutions by only charging customers for a complet- ed Priority order. Customers may also use a hassle-free opt-in feature at order origination to automati- cally convert a Priority order to the Standard offering at Standard pricing if the order is not fulfilled within the designated Priority time frame. Priority verifications comple- ment the instant service pro- vided by The Work Number, the industry-leading, centralized commercial source of income and employment information in the United States. When information is not digitally available through The Work Number, Priority Next Day, and Priority Two Day orders aim to fulfill the request by 11:59 p.m. Central time the next busi- ness day and the second business day, respectively. Maximizing Credit Potential CREDITXPERT LAUNCHES NEXTGEN ANALYSIS PLATFORM C reditXpert, a predictive credit score platform, has announced their next generation SaaS platform for mortgage lenders. Covius, a leading provider of tech-enabled solutions to the financial ser- vices industry, will be the first credit reporting agency (CRA) to integrate with CreditXpert through its proprietary Fund- ingSuite platform. CreditXpert's latest offering will help lend- ers boost efficiency with AI, quickly compare improvement plans, track applicant progress, and manage usage through a cloud-based dashboard. "In a competitive market, helping applicants qualify for a mortgage, land on the most appropriate loan program, and qualify for the lowest interest rate is more important than ever," CreditXpert CEO Jim Hemmer said. "This is precisely why we built this new platform. We knew it was important for our powerful predictive tools to operate within fast-moving production environ- ments where lenders are aggres- sively competing for business. The team worked with lenders to Blazing New Digital Paths The following companies are advancing the digital mortgage process, helping chart the course for advancements in the pursuit of an all-digital mortgage process.