Verification Bureau Launches New Loan Modification Risk Management and Verification System

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LoanMod Audit enables servicers to minimize future re-defaults by validating the borrower's ability to repay a modified loan

Servicers face the increasing challenge of preventing avoidable foreclosures and assisting defaulted borrowers to keep their homes through the loan modification initiative

Verification Bureau Inc., a leader in fraud detection and information verification solutions for the financial industry, launched LoanMod Audit, a solution which reduces the risk of re-defaults by helping lenders and servicers predict the borrower's ability to repay a modified loan.

LoanMod Audit verifies the borrower's income using a highly automated and paperless system, which accesses the Internal Revenue Service database using the 4506-T form. This IRS direct system is capable of delivering results in a matter of hours through a secure website or in data format through XML web services. The solution can be bundled with other products and services available through the fraudpredator.com online suite of information verification systems which include: employment, identity, collateral, and asset verification solutions.

LoanMod Audit provides flexible integration capabilities to virtually any servicing platform, therefore enabling servicers and lenders to implement a comprehensive and streamlined loan modification process using their current technology.

"Servicers face the increasing challenge of preventing avoidable foreclosures and assisting defaulted borrowers to keep their homes through the loan modification initiative" said Esteban Reyes - CEO for Verification Bureau, "LoanMod Audit, provides a reliable solution to minimize redefaults by accurately validating the borrower's ability to repay the loan. Loan modification processes that are done with the proper risk management will foster transparency in the securitization market and provide confidence back into the industry". , he added.

To learn more about the LoanMod Audit solution contact sales (at) verificationbureau.com or call 877-477-4506 Ext. 201.

About Verification Bureau
Founded in 2001, Verification Bureau is the leading provider of automated IRS 4506T processing and Social Security Number verification systems. Over 2,500 clients and 18,000 users worldwide have screened over 1,000,000 loan files using their suite of verification services, pre-employment background screening, and fraud detection systems.
Verification Bureau offers a free program which lenders can test for a limited time. For more information: http://www.verificationbureau.com, phone 877-477-4506 Ext 201, or email sales (at) verificationbureau.com.

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Juan Perdomo
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