Atlanta, Georgia-based Equifax Inc. is introducing lenders to a solution that’s designed to help them determine if certain borrowers are qualified for loss mitigation measures established by the new HOPE NOW alliance.
HOPE NOW is a group formed by private and public sector interests with the intent of providing aid to distressed borrowers who fall into one of three categories—those who qualify for refinancing, those eligible for loan modification, and those who need extra assistance handling debts and income analysis. The remaining category is made up of borrowers who do not qualify for any of the above because of their ability to handle rate resets.

With analytics required to determine each borrower’s category, Equifax has launched a solution to help lenders classify borrowers based on income, employment, creditworthiness and available equity.
“In light of the new HOPE NOW requirements and with two million ARMs expected to reset in the next two years, financial institutions are responding to thousands of customers requests to modify individual loans,” said Dann Adams, president of U.S. Consumer Information Solutions at Equifax. “Leveraging the power of our vast data and advanced analytics, we are equipping lenders with a systematic solution that offers a clear and concise way to segment their portfolios, evaluate loan modification requests and streamline the qualification process”