|[March 20, 2013]
SharperLending LLC Partners with Equifax to Provide New Mortgage Fraud Identification and Prevention Tools for Lenders, Resellers
SPOKANE, Wash. --(Business Wire)--
Mortgage technology provider SharperLending LLC announces the
availability of a new mortgage fraud identification and prevention tool
for lenders. The new Undisclosed Debt MonitoringTM service -
powered by a data integration with Equifax, a global leader in consumer,
commercial and workforce information solutions - is the latest addition
to a line of existing LQI compliance products offered by SharperLending.
As a part of the SharperLending compliance product suite, this new
undisclosed debt monitoring tool will help to facilitate lender
compliance with the GSE Loan Quality Initiative (LQI) guidelines that
were implemented in 2010. The service provides lenders with continuous
monitoring and daily reporting information regarding a borrower's credit
activity from the time the first credit report is pulled at origination
to when the loan closes. This daily reporting of activity greatly
increases the potential to identify and prevent instances of mortgage
fraud. It also helps protect lenders by notifying them about any changes
to the borrower's ability to repay the loan. This ensures that lenders
only close loans when the mortgagee fits the loan program underwriting
requirements - and enables them to make loan program changes as needed.
SharperLending's current tools include a soft-inquiry credit report pull
right before closing and an automatic comparison between the report
pulled at origination and the report pulled just before closing. The
ability for SharperLending to provide all undisclosed debt liability
activity alongside the existing credit report keeps all relevant credit
files together in a secure, easy-to-locate virtual credit folder.
"SharperLending is excited to partner with Equifax to combine
undisclosed debt monitoring with our existing LQI compliance tools,"
says Dave Black, President and CEO of SharperLending LLC. "The daily
monitoring of changes to a borrower's credit report provides lenders
with the information they need when a borrower takes out new lnes of
credit once they have been approved for a loan. It also complements
lenders' workflow by enabling them to take appropriate action well
before closing - to modify the approved loan package or, if the activity
is suggestive of fraud, to stop the loan from closing altogether."
SharperLending is one of a select few credit reporting technology
providers authorized by the nationwide credit reporting agency, Equifax,
to offer this service to its reseller base.
"Equifax is pleased to expand its proprietary Undisclosed Debt
Monitoring offering to SharperLending clients," says Craig Crabtree,
Senior Vice President of Mortgage Services at Equifax. "This integration
provides an 'always on' technological solution, as well as the
transparency needed to enhance risk mitigation during the 'quiet period'
and assist with their LQI compliance requirements."
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 uses advanced analytics and proprietary
technology to create and deliver customized insights that enrich both
the performance of businesses and the lives of consumers.
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
For more information, please visit www.equifax.com.
About SharperLending LLC
Headquartered in Spokane, Wash., SharperLending LLC was founded in 1989
and was the first to offer a complete Web browser-based mortgage credit
reporting system on the Internet. The company's proven technology has
processed more than 500 million secure mortgage transactions.
SharperLending, LLC, has three divisions under its corporate umbrella:
SharperLending Mortgage Services Division, the mortgage services and
Appraisal Firewall platforms; SharperLending Credit Division, technology
for the credit reporting industry; and SharperLending Solutions, the
loan origination product packaging division. For more information,
follow us on Facebook,
call (800)452-1174, or visit www.SharperLending.com.
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