Verification Bureau Reveals Fraudster Trying to Cheat Nationwide Wholesale Lender with $200,000 Fraudulent Mortgage

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Verification Bureau fraud detection solutions prevented funding of a $200,000 refinance, saving Metro America Mortgage and the wholesale investor all of the issues and costs that fraudulent mortgages create.

, a campaign in which the company allows mortgage lenders, brokers, and other qualified companies to try its services at no cost. We are challenging them to take advantage of the free service trial and see if they find fraud in their loan pipeline, now there are no excuses.

Metro America Mortgage, Inc, a mortgage lender offering loans to homebuyers in multiple states, reported that it used Verification Bureau’s 1003AppScan, and discovered a fraudulent $200,000 refinance loan that had been approved by the investor and was pending funding. Upon further verifying Metro America Mortgage canceled the closing of the bogus loan, which saved the company and the wholesale investor all of the issues and costs that fraudulent mortgages create after the funding occurs. According to Metro America Mortgage officials, the reports generated by Verification Bureau clearly showed that the borrower had a false social security number, and false employment documentation. Verification Bureau's 1003AppScan is used to filter loan applications for inconsistencies and fraudulent data, IRS Records, which helps verify income against the IRS using the 4506-T form, and ID Fraud Scan, which validates identity through the Social Security Administration.

Metro America Mortgage started its relationship with Verification Bureau in September 2005 after Michael Richardson, President of, http://www.preventmortgagefraud.com introduced them to the 1003AppScan, and since then the lender uses Verification Bureau’s fraud prevention solutions to detect false income, identity fraud, inflated appraisals, and inconsistencies in loan applications.

“We chose Verification Bureau after using several of its competitors. Verification Bureau offered us a free-trial, in which we found them to have the fastest response times, excellent customer service, and accurate information,” said Sarah Blackney, Operations Manager of Metro America Mortgage, “Based on the number of fraudulent loans we have discovered since using Verification Bureau’s solutions our company decided to filter all of our mortgage applications through 1003AppScan and ID Fraud Scan.” she added.

“Initially our team was resistant to implementing Verification Bureau’s fraud prevention solutions, since it entailed an extra step in processing our loan files. After finding inconsistencies in many loan applications, we realized that it is a necessity and actually frees up time allowing us to work on fraud free loan applications. It was an eye opener which makes us a better company, knowing that we only fund loans that pass the scrutiny of the 1003AppScan and ID Fraud Scan,” said Elizabeth Hernandez, Loan Processing Manager for Metro American Mortgage.

“This is one of the many fraudulent loans Verification Bureau has prevented from funding. It is clear that mortgage fraud is becoming a disease that is rotting the mortgage industry and our country. It is the industry’s responsibility to help prevent it,” said Michael Romero, President of Verification Bureau, “We believe that requiring brokers and correspondents to implement strong fraud prevention and verification guidelines are two necessities to put fraudsters out of business. Verification Bureau has made a big effort to launch “Zero Fraud Tolerance”, a campaign in which the company allows mortgage lenders, brokers, and other qualified companies to try its services at no cost. We are challenging them to take advantage of the free service trial and see if they find fraud in their loan pipeline, now there are no excuses.” he added.

Verification Bureau, continues to innovate through the latest technology in the fraud detection and verification industry. The company recently made its announcement of a campaign called “Zero Fraud Tolerance” to support the FBI and industry efforts in fighting mortgage fraud. For more information about “Zero Fraud Tolerance” visit http://www.verificationbureau.com/freetrial.aspx or contact their sales department at 786-777-0316 Ext 501

About Verification Bureau

Headquartered in Miami, FL, Verification Bureau is the leading developer of fraud prevention and web-based verification solutions in the United States of America. Over 500 clients and 13,000 users nationally benefit from their online suite of verification tools and fraud prevention services.

The company’s core offerings include 1003AppScan, 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 verifies social security numbers against data from the Social Security Administration (SSA) for identity verification purposes, and complies with section 326 of the U.S. Patriot Act (OFAC); IRSRecords, 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; 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; ITIN Direct, used to verify Individual Tax Identification Numbers in pre-funding, and EIN Direct, an accurate method to validate Employer Identification Numbers or Federal Tax Identification Numbers.

For additional information visit http://www.verificationbureau.com, or contact the sales department at 786-777-0316 Ext 501.

About Metro American Mortgage

Metro America Mortgage is headquartered in Colorado originating home loans in Colorado, New Mexico and Florida. The company is focused on assisting first time homebuyers who decide to buy a home or existing homeowners that need to refinance a mortgage. Our clients trust Metro America Mortgage to find the loan program that's best suits their qualifications, with honesty and integrity.

For additional information visit http://www.metroamericamortgage.com or Contact Sarah Blackney at 303-232-3800

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Juan C Perdomo
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