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XpressCredit Adds Verification Tool to Loan Origination System

April 30, 2009

SYRACUSE, N.Y. — XpressCredit has added a customer information verification tool, FacTrack, to its loan origination system.

FacTrack is a highly flexible tool for lending institutions to verify and cross reference customer information. Integrated employment, paystub and budget tools analyze application data for discrepancies. A score is determined based on the verification results to confirm authentication of stipulations.

Questions, answers and the related scoring system are customized to a lender’s criteria. A comprehensive system for building custom forms allows verifier notes to be added to any field. Upon completion of the process, the FacTrack verification report can be printed, emailed and archived. This versatile tool was designed to be used in conjunction with the XpressCredit platform, but it can be used as a standalone, Web-based application.

“The FacTrack tool is a key component in the loan approval process. This additional functionality allows lenders utilizing XpressCredit technology to create their own verification criteria and score applicants based on the information provided. This will further streamline the loan origination process, enhancing lender efficiencies and profitability” said Mark Louer, XpressCredit executive vice president.

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