ATLANTA (8/19/13)--Equifax has enhanced its retro income verification service, Point In Time, and integrated it with its Spectrum Verification Services Platform.
The upgrade provides lenders and servicers with a tool to reduce repurchase requests by delivering the current and accurate loan-level verification of a borrower's employment and income at the time of loan origination, Equifax said.
Point In Time delivers timely and precise income data to confirm original verification information, according to Equifax. Using a custom, automated workflow designed to capture and reuse employer data by tracking and documenting agent progress and findings, the service verifies a borrower's income at the point of loan funding without compromising data security.
Point In Time then documents and archives all information obtained during fulfillment to ensure accuracy and completeness, Equifax said .
Point In Time now allows lenders and servicers to: