Automated Ordering of VOEs Helps Lenders Expedite Loan Process
JACKSONVILLE, Fla. and ATLANTA-Oct. 23, 2012-Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, and Equifax, a global leader in consumer, commercial and workforce information solutions, announced today that lenders can automatically order Equifax Verifications of Employment (VOEs) through the LPS Loan Quality Gateway®, expediting the loan origination process.
The LPS Loan Quality Gateway is an open platform that provides the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs. Through this platform, lenders can automate the ordering of Equifax VOEs to reduce the time and errors associated with manual VOE-ordering processes. This new value-added service streamlines VOE-related tasks required for processing, underwriting, quality assurance and closing. Current employment and income information via The Work Number® - Equifax's proprietary database of more than 210 million employer-direct payroll records - or a Fannie Mae Form 1005 and supporting documentation are provided with each VOE order, helping lenders reduce rework at underwriting and closing. The VOE solution also helps to reduce loan buyback risk by using third-party verification to identify errors and borrower misrepresentation.
Using best-in-class workflow processes tailored for compliance with regulatory requirements, Equifax VOEs are uniformly conducted and meticulously documented to stand up to quality assurance reviews and rigorous underwriting guidelines.
The VOE service is offered by LPS' subsidiary RealEC Technologies, which powers the LPS Loan Quality Gateway, and Equifax's Workforce Solutions, a leader in services to human resources, payroll and tax departments in all industries, as well as the public sector.
"The integration of Equifax's VOE capabilities with LPS' Loan Quality Gateway offers lenders the technological power, flexibility and quality needed to deliver industry-leading verifications to close loans with greater speed and confidence," said Michael Kuentz, senior vice president of Equifax Verification Services.
"We are continuing to look at additional opportunities to leverage the Loan Quality Gateway, which helps provide high-quality loan originations. Partnering with a verification leader like Equifax to offer this best-in-class VOE service represents a significant example of this commitment and focus," said Dan Scheuble, chief operating officer at LPS.
The addition of Equifax's VOE service complements the existing loan origination services available on the LPS Loan Quality Gateway, including appraisals; automated valuation models (AVMs); title insurance; closing services; flood insurance; verifications of income and identity; mortgage insurance; and fraud prevention tools.
About Lender Processing Services (LPS)
LPS (NYSE: LPS) is a Fortune 1000 company headquartered in Jacksonville, Fla., employing approximately 8,000 professionals. LPS delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS' servicing solutions include MSP, the industry's leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. For more information, please visit www.lpsvcs.com.
RealEC Technologies, a subsidiary of LPS, operates the RealEC Exchange, the mortgage industry's leading Electronic Partner Network, enabling lenders and their business partners to electronically connect, collaborate and automate their business processes.
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions, that provides businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates 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. Equifax's Workforce Solutions is a leader in human resource, employment, tax management, and payroll-related services. For more information, please visit www.equifax.com/mortgage.
Headquartered in Atlanta, Equifax operates or has investments in 18 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. For more information, please visit http://www.equifax.com.