ATLANTA, Oct. 28 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) announced that it won two Mortgage Technology Magazine Awards (the Fix-It award and the Steve Fraser Award) during a ceremony at the 2010 Mortgage Bankers Association (MBA) Convention & Expo.
The Work Number®, a service of Equifax, is the recipient of this year's Fix-It award, which honors a technology tool providing an effective solution for a particular industry problem, need or channel. The Work Number earned its nomination for its unique, fully-automated solution for verified Employment & Income (VOE/VOI), providing lenders with access to the most current, independently-verified borrower income information available, which is particularly relevant in today's mortgage lending market because large samples of employer data indicate trends of upward of 20 percent in annual job turnover. The Work Number's solution delivers rapid, compliant employment and income verifications using a highly automated workflow -- which allows lenders to entirely outsource this critical function with assurance. Notably, outsourcing VOE/VOI enables lenders to maintain loan profitability in a volatile lending environment by switching to a variable cost model. The Work Number is part of Equifax's suite of solutions that offers lenders a 360-degree view of a consumer.
Jay Meadows, founder, Rapid Reporting, a service of The Work Number, won the prestigious Steve Fraser award, which honors an outstanding mortgage technology innovator, visionary or evangelizer. Meadows has embodied innovation, vision and thought leadership throughout the duration of his career, having pioneered the automation of tax transcript delivery (IRS Form 4506-T fulfillment) through the development of a powerful, irrefutable fraud prevention solution. Meadows' vision defined the way that technology helps lenders successfully mitigate fraud – saving mortgage lenders and investors billions of dollars in losses.
About The Work Number
The Work Number, a service of Equifax, is the largest source for employer direct, and up-to-date, employment and income verifications. The service offers access to over 200 million records instantly and will manually complete remaining employment verification requests within days. Additionally, The Work Number offers IncomeChek, a 4506-T tax transcript fulfillment service, and DirectChek, an identity assessment and authentication service. All of these tools provide more authentic, complete information to help in servicing, underwriting, fraud prevention and more recently loan modifications.
About Equifax (http://www.equifax.com/)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 15 other countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX
SOURCE Equifax Inc.