Verification Bureau Introduces Automated Mortgage Application Fraud Detection
Mortgage lenders can now instantly filter the good" from the bad" loans, at the point-of-application with minimized cost.
Miami, FL (PRWEB) January 27, 2005 -- Mortgage lenders can now instantly filter the good" from the bad" loans, at the point-of-application with minimized cost. Verification Bureau, an industry leader in mortgage fraud prevention solutions, has integrated 1003AppScan into their growing product line.
1003AppScan will validate all the information on the 1003 residential loan application from a data integrity and fraud prevention point of view. Additionally, It scans the loan officer, broker, and any other third parties involved in the transaction, such as: realtors, closing agents, developers, and gift donors. The solution performs over 150 different fraud tests powered by a myriad of up-to-the-minute databases. Within 15 seconds, it pinpoints any data inconsistencies and potential fraud such as property flips, identity fraud, employment misrepresentation, false income, occupancy fraud, and immigration status misrepresentation, among many others, in a comprehensive fraud report.
Verification Bureaus 1003AppScan, enables underwriters to identify which loans are creditworthy and which have inconsistencies to be resolved in the initial stage of the loan process," commented Jason Hammond, EVP of Business Development, PCi. In doing so, it will help lenders escape fraud and focus on healthy deals that will make them profitable."
According to the Federal Bureau of Investigations, mortgage fraud is a problem to be considered epidemic. You can find mortgage fraud anywhere in the country," says Chris Swecker, FBI assistant director for criminal investigations.
Michael Romero, President of Verification Bureau, stated, 1003Appscan is the easiest and fastest way to validate the information in a loan application. It is becoming the standard in mortgage fraud prevention, and being adopted by lenders nationwide.
1003AppScan has many competitive advantages including: lower rates; includes an AVM (Automated Valuation Model); outputs synthesized reports, it is easier to understand, accesses billions of "fraudster" records in a national harvested database as well as government sources; uses accurate data and methodology to eliminate false "positive" investigations; and allows easy integration to loan origination systems (LOS's) to eliminate double-data entry.
Verification Bureau is the coalition of Tax Verification Bureau and Oversis LLC, two companies specialized in mortgage fraud prevention solutions for the financial industry. Over 500 clients and 12,500 users nationally benefit from their custom fraud prevention and verification solutions, 1003AppScan, IDFraudScan, IRSRecords, and PROVASiS. For more information about 1003AppScan and Verification Bureau, visit their website at www.verificationbureau.com or contact the Sales department at 786-777-0316.
# # #
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
