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Three of the top five lenders use Point In Time for retro income verification, according to ""Equifax"":http://www.equifax.com/. Point In Time, a service that validates and documents a borrower's employment and income at the point of loan funding, is provided by Equifax's the ""Work Number"":http://www.talx.com/, the largest source for employer employment and income verifications.
[IMAGE]""With the significant increase in repurchases and mortgage insurance rescissions, Point In Time is the preferred service to help lenders investigate requests-proven by its high adoption rate among the leading
[COLUMN_BREAK]financial institutions,"" said Janet Ford, SVP of the Work Number. ""With Point In Time, lenders save time and costs associated with responding to repurchase requests as well as potentially avoid costly buybacks.""
Point In Time delivers income data to confirm original verification information, providing a cost-effective method to re-verify a borrower's income without compromising data security, according to the Atlanta-based company.
""In 2011, financial institutions will give priority to loan modifications, foreclosures, and repurchases as indicated by strong initiatives announced since the start of the year,"" said Ford. ""To respond to the growing repurchase problem, institutions like ""Bank of America"":http://www.bankofamerica.com/ are even establishing company units dedicated to servicing defaulted loans.""
According to Dann Adams, president of the Work Number, mortgage repurchases are growing.
""According to reports, Fannie Mae and Freddie Mac alone have made more than $13 billion in recent repurchase requests - so many that lenders are unable to respond in a timely manner,"" Adams said. ""Soon, we will see the consequences of not responding; therefore, lenders need a solution like Point In Time to efficiently and quickly defend their loans and prove underwriting due diligence.""
