(PRWEB) May 4, 2005
1003AppScan validates all the information on the 1003 residential loan application by performing over 150 different fraud tests, powered by a myriad of up-to-the-minute databases. In addition to validating the borrower(s), employer(s), and the subject property value, it verifies the loan officer, broker, and any other third parties involved in the transaction, such as: realtors, closing agents, developers, and gift donors.
Within 15 seconds, it reveals in a comprehensive fraud report any data inconsistencies and potential fraud such as property flips, identity fraud, employment misrepresentation, false income, occupancy fraud, immigration status and asset misrepresentation, among many others. The web-based solution can be accessed at any time from anywhere in the world.
PROVASiS is an elite AVM, which accesses multiple databases to provide accurate values, expanded coverage and higher hit ratios. It has risk scoring and built-in fraud detection for property flips, ownership misrepresentation, appraisal fraud, OFAC, and much more. The solution returns 15 comparables, appreciation graphs, maps, satellite views of the neighborhood, flood information, and tax assessment data.
Juan Carlos Perdomo, vice-president of sales of Verification Bureau, stated, ÂEvery Company that has used 100AppScan and PROVASiS has seen their advantages compared to similar products.Â Perdomo added, ÂFortune 500 lenders have adopted both solutions into their fraud prevention strategy.Â
ÂOur company chose to filter most of our loans through Verification Bureau. After testing all of their solutions including 1003AppScan and PROVASiS, we realized that it they are extremely easy to use providing targeted and concise reports. Unlike other tools out there, 1003AppScan and PROVASiS had minimal false positive, false negative results, and provided accurate valuations. This eliminated extra work and expedited our loan approval process,Â said JC Jimenez, Director of East West Mortgage, ÂWe are very pleased with the solution.Â he added.
Michael Romero, president of Verification Bureau, stated, ÂThe mortgage industry has come to realize that fraudsters can be outsmarted by implementing the right fraud prevention tools in pre-funding. Verification Bureau offers high quality solutions that help lenders make fast and safe credit decisions.Â
According to Chris Swecker, Director of the Financial Crimes Division of the the Federal Bureau of Investigations (FBI), fraud is everywhere. The FBI has ongoing operations under way in 37 states, currently targeting more than 5,000 fraud cases involving organized criminal groups. Verification Bureau constantly attends industry forums and meetings to share its expertise with the lending industry and law enforcement agencies to help exterminate the mortgage fraud disease.
About Verification Bureau
Headquartered in Miami, FL, Verification Bureau is a leading company specialized in fraud prevention services for the financial industry. Over 500 clients and 12,500 users nationally benefit from their automated fraud prevention and verification solutions.
The companyÂs core offerings are 1003AppScan, which is an automated fraud filter used at pre-funding to detect inflated appraisals, property flips, identity theft, fraudulent brokers, false employment and income, and asset misrepresentation, among many others; IDFraudScan, which accesses data from the Social Security Administration (SSA) for identity verification purposes and complies with section 326 of the U.S. Patriot Act; IRSRecords, which is powered by a high-caliber connection to the Internal Revenue Service (IRS), to access individual and corporate taxpayer information in 24 hours for income verification purposes, and PROVASiS, which is an automated property valuation tool (AVM) with built in fraud detection for property flips, ownership misrepresentation, appraisal fraud, manufactured homes, OFAC and more.
About East West Mortgage
Headquartered in the Tysons Corner, VA area of the metro-D.C. region, East West Mortgage has grown from three employees in 1986 to more than 400 employees. They were recently named Broker Magazine's 7th largest mortgage company and handled more than $1.2 billion in loans last year. East West Mortgage is a leading-edge broker and works with hundreds of banks to offer customers the most competitive rates on thousands of loan programs. With licensing in 44 states, East West Mortgage helps a variety of consumers nationwide, regardless of credit history or financial status, by providing 24/7 service via the Internet or phone. And, East West Mortgage reaches out to a diverse consumer base by offering loan services in seven languages, with a strong focus on the Hispanic community. Committed to customer service, East West Mortgage strives to be their clients' mortgage consultant for life and gives credit counseling and guidance throughout the home buying process. From a customerÂs first contact with a loan professional to closing, East West Mortgage is dedicated to the mission: Your best mortgage, guaranteed. Su mejor financiacion, garantizada.
For more information or to apply for a loan, go to http://www.ewmortgage.com or call 1-800-844-1015.