La Quinta, CA (PRWEB) May 31, 2006
There is a lot of concern about identity theft. In mortgage lending, the post-closing audit phase requires that the initial income and asset documents be re-sent to the originating institution for authentication. Needless to say, this puts the consumer at risk as their information may be compromised.
DONNASHI ENTERPRISES, INC. (http://www.donnashi.com) provides its customers and consumers with protection against identity theft. All of their re-verification documents now have Social Security numbers and home addresses blacked out; they offer verbal re-verification options whenever possible.
"It is difficult to comply with post-closing policies that were written before identity theft and privacy laws were enhanced," says Donna Beinfeld the President of DONNASHI ENTERPRISES, INC. Freddie Mac, Fannie Mae, HUD and the VA's policies were written to protect the lender and the agency. The security rules were created when fake documents were at an all-time high. “Unfortunately,” Benfield continues, “fake documents are no longer our only concern. The security of our clients and their customers (the consumer) is of the utmost importance to us and so we’re happy to extend these extra precautions.”
"In today's lending world, many loans lack income or asset documents because programs such as stated income or no income verified programs exist" says Basheva MacPherson EVP of DONNASHI ENTERPRISES, INC.
With the 900 work number and automated banking verification available through an independent third party accessible to compliance departments, the old policy of mailing documents for authentication is antiquated and dangerous. Hopefully, the government agencies that buy or insure mortgages will catch on to the enactment of recent federal laws that protect the consumer such as FACT ACT, Privacy Act, etc.
Until that time, it is up to each mortgage-industry company to set their own standards. Donnashi Enterprises is available to work with other mortgage and banking companies to set security policies through their training, operations manuals, and quality control services.
Head quartered in California, and assisting companies Nationwide with post-closing, state-specific and fraud audits, Donnashi Enterprises is an out-source compliance firm for the mortgage banking industry. They also offer policy and procedures manuals, training, and consulting support to a companies wishing to expand, add products to the consumer, mortgage broker and broker-to-bank conversion.