New Government Underwriting Requirements for Mortgage Lenders Efficiently Managed Using the DataVerify Loan Processing Platform

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DataVerify identified as effective tool to prevent fraudulent loans

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Given today's tumultuous financial markets, there are continuous updates with regard to quality control processes needed to prevent fraudulent loans from being funded among the myriad guidelines from investors and regulators

DataVerify announced today the availability of a new underwriting guideline rules matrix within its fraud detection and prevention platform to assist lenders with recently issued requirements under the FACT Act and government sponsored bailout initiatives. Given the current market conditions and certain evolving government requirements there are increasing complexities in underwriting policies and procedures. DataVerify can help lenders be in current compliance, as well as quickly adjust for future evolving requirements and fraudulent schemes.

"Given today's tumultuous financial markets, there are continuous updates with regard to quality control processes needed to prevent fraudulent loans from being funded among the myriad guidelines from investors and regulators," said Mike Moseler, chief information officer of DataVerify. "We have analyzed the agency guidance that has been issued on these topics and specifically how DRIVE can ensure compliance with these rules. DRIVE contains more underwriting and fraud checks, making it the perfect tool for recently released new programs, such as the FACT ACT and HOPE for Homeowners programs, and other initiatives that lenders are considering for the recovery phase."
DataVerify's DRIVE solution provides comprehensive results that incorporate clear and easy-to-understand red flag indicators. The platform allows users to document exceptions and resolutions to any identity verification findings, helping to prevent fraudulent loans.

DataVerify's DRIVE solution provides comprehensive results that incorporate clear and easy-to-understand red flag indicators. The platform allows users to document exceptions and resolutions to any identity verification findings, helping to prevent fraudulent loans. DataVerify's multiple data sources and scoring capabilities assist lenders with compliance on more than 125 different investor and government requirements. DataVerify's DRIVE platform includes unique work flow capabilities that allow management to monitor controls and ensure the appropriate actions are being followed when critical underwriting alerts are identified. IDVerify, another DataVerify tool, incorporates more than 80 specific identity verification red flags based on expert forensic underwriting reviews with statistically proven risk scoring.

DataVerify continues to update its innovative platform with rules, scoring and data to identify new and emerging fraud schemes and provide flexible solutions to address any new underwriting criteria whether arising from the private or government sector.

About DataVerify
DataVerify is a leading provider of fraud prevention and decision management solutions for the mortgage industry. First to market with such impactful fraud prevention tools as real-time payroll registry verification, automated salary verification and undisclosed real estate and businesses, DataVerify continues to lead in the development of unique new solutions to the ever changing landscape of fraud and credit risks in today's mortgage environment. For more information about DataVerify, call 866-895-3282 or visit http://www.dataverify.com.

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