Lender Processing Services Inc. (LPS) and Equifax have announced 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 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.
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.
"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.