Equifax Expands Mortgage Information Through Alliance With LERETA

Flood Zone Determination Furnished With Mortgage Credit Reports

ATLANTA, May 30, 1996 -- Expanding its capability to provide value-added services to mortgage lenders, Equifax Mortgage Services announced today an alliance with LERETA Corp., of Covina, Calif., to furnish flood zone hazard determinations with mortgage credit reporting products. A single ordering process will enable customers to receive both products via electronic data exchange or in real time via on-line terminals.

Bill Calpin, vice president and general manager, Equifax Mortgage Services, said, "Linking mortgage credit reports and flood hazard determination information makes mortgage processing more efficient, benefiting both the lender and the consumer."

Equifax announced a similar alliance with Bankers Hazard Determination Services, St. Petersburg, Florida, in March.

Mortgage lenders today are expected to ensure that properties are properly reviewed for potential flood risk and then insured. Accordingly, that is done by comparing the property location and the correct Federal Emergency Management Agency (FEMA)-issued Flood Insurance Rate Map of the area in which the property is located.

Since lenders also are required to review all loans in their portfolio when FEMA revises its maps, LERETA and Equifax will provide both one-time determinations and life-of-loan tracking for potential impact of revised flood zones.

"LERETA’s commitment to servicing our customers includes pursuing new services that reduce customers’ costs and improve their image with borrowers," said Jim Thornton, senior vice president, LERETA Corp. "Provision of our determination services with Equifax’s credit reporting products is an important addition to our customer relationships."

LERETA Corp., founded in 1986, currently services approximately 1.5 million loans in all 50 states and operates from seven regional operating centers in Florida, Texas, Illinois, Washington, New York, Northern California and Southern California (corporate headquarters).

Equifax Inc. (NYSE: EFX), committed to Global Information Leadership for the Information Age, is the leading provider of information services that help businesses grant credit, authorize and process credit card and check transactions, insure lives and property and control health care costs. Established in 1899 in Atlanta, Equifax today employs 14,000 people throughout North and South America, the United Kingdom and continental Europe. Revenues for the 12 months ended March 31, 1996 exceeded $1.7 billion.