Equifax Helps Eliminate Tasks In Loan Origination

mortgage loan origination

Equifax, along with TransUnion and Experian, is one of the three major credit bureaus that determines consumer credit scores. With a goal to “power the world with knowledge,” Equifax seeks to provide data and analytics that will enable intelligent business and financial decisions. Equifax strives to create innovative global solutions to social economic challenges while fostering healthy financial communities. With its breakthrough analytics capabilities, Equifax has created tools used to mold financial processes into faster, more insightful and more flexible journeys.

Adapting to new loan regulations and increased debt in areas such as potential homebuyers’ student loans, Equifax developed Equifax eMortgage that provides lenders with immediate detailed information on their potential borrowers’ credit history. However, Equifax wanted to go a step further with eMortgage and save loan officers the time required to search further for customer intelligence.

By combining credit, income, employment and property data, eMortgage creates a comprehensive view of each borrower. By removing time-consuming tasks from the loan origination process, Equifax eMortgage helps loan officers spend more of their day finding new clients instead of focusing on administrative roles.  As part of the eMortgage service, Equifax offers online tools to help close more loans through consumer information solutions. Credit Assure presents findings on every single file so that time is never wasted scouring credit reports. CreditXpert Essentials works in a different way, presenting information on credit reports to borrowers so borrowers can fully understand their credit during the loan application process. By providing this already-prepared analysis and not having to go through the details with each borrower, mortgage planners save valuable time.

Click here or watch this video to learn more about the Equifax eMortgage component.