Loan originators using Lender Processing Services' (LPS) Empower loan origination system now have direct access to the Equifax Undisclosed Debt Monitoring solution via the Empower platform, thus making it simpler to monitor borrowers for undisclosed debt.
The integration means Empower customers can monitor borrower activity during the ‘quiet period’ spanning from the mortgage application date to the closing, including the opening of new accounts. The combined solution gives lenders increased ability to detect fraud and to address compliance requirements. As such, it helps reduce risk as well as the number of potential loan buybacks.
LPS' Empower solution offers functionality for every facet of the origination process, including consumer, retail and wholesale point-of-sale channels. It also provides FHA, VA and conventional product support; funding and auditing; product and pricing; electronic document management and imaging; and industry-standard interfaces, the company said in a release.
‘By successfully integrating our Undisclosed Debt Monitoring solution with Empower, we can ensure that LPS customers will be better insulated against the threat of fraud and more successful in meeting key regulatory compliance requirements,’ said Craig Crabtree, senior vice president of Equifax Mortgage Services.