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Equifax Available to Discuss Industry Impact of QM Rule

| Source: Equifax Inc.



Tomorrow, the Consumer Financial Protection Bureau's (CFPB) Qualified Mortgage (QM) Rule will take effect, largely determining the underwriting standards that the majority of lenders will use to qualify prospective borrowers. While the full impact on lenders and consumers is unknown, Equifax is available to provide insight on various areas that will certainly be affected by the rule change, including:
  • The overall impact on mortgage lenders and servicers, and how Undisclosed Debt Monitoring™ (UDM) can help institutions close more purchase loans with confidence and ease using a swift, one-stop source for comprehensive, automated loan-level verifications. 
  • The heightened importance of income and employment verification to qualify borrowers and meet Ability to Repay and QM requirements; and
  • The technology and solutions lenders should consider to ensure compliance with the new rule. 
Craig Crabtree is senior vice president and General Manager of Equifax Mortgage Services, where he manages the company's mortgage business across all solution and product categories. Crabtree brings more than 20 years of industry expertise, including origination, servicing, loss mitigation and capital markets. 
  Michael Kuentz is senior vice president at Equifax Verification Services. He is responsible for selling and servicing verification solutions to mortgage lenders, including instant and researched verifications of employment and income, IRS Income (4506-T tax transcript fulfillment) and identity verifications. Kuentz is a member of the Mortgage Bankers Association of America (MBA), the MBA Fraud and Ethics Subcommittee and the Colorado Mortgage Lenders Association. 
  Jeff Knott is a member of the product management team at Equifax Verification Services. He has direct oversight of the company's IRS Income (4506-T tax transcript fulfillment), Identity (Social Security Number authentication) and Deposit & Asset verification products, and is a recognized leader in driving industry adoption of electronic signatures and related innovations. Knott is a thought leader and strategist who champions initiatives to promote emerging technologies, consumer engagement, and the partnership between the private sector and government. Knott also serves as an Executive Board Member and Secretary of the Electronic Signature and Records Association (ESRA), a Washington D.C.-based industry educational and policy organization. 
When: Equifax is available immediately for interviews. 

About Equifax Inc.

Equifax (NYSE:EFX) is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.

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Demitra Wilson
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