Verification Bureau Partners with Lenders to Battle Loan Modifications Fraud Schemes
LoanMod Audit enables servicers and lenders to verify loan modification applications and detect misrepresentations and fraudulent scenarios.
(PRWEB) April 20, 2009 -- Verification Bureau Inc., a leader in fraud detection and information verification solutions for the financial industry, launched Loan Mod Audit which helps lenders and servicers foretell the borrower's ability to repay a modified loan and authenticate that the applicant is truthfully under financial distress through income and employment validations.
LoanMod Audit verifies the borrower's income and employment using a highly automated and paperless system, which accesses several databases including the Internal Revenue Service by 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: identity, collateral, and asset verification solutions.
"The new mortgage modification programs are now being hoaxed by unscrupulous individuals. Some years ago they would falsely state income and employment in order to qualify for a loan. Today it is the other way around; applicants shrink their income, fabricate paystubs, and claim unemployment even if they have a job in order to qualify for a loan modification program. Additionally, the same "scam artist brokers" that were before pushing fraudulent loans to investors are now counseling homeowners on how to trick their loan modification programs" said Esteban Reyes - CEO for Verification Bureau, "LoanMod Audit, provides a reliable solution to not only minimize re-defaults by accurately validating the borrower's ability to repay the loan but also to make sure the homeowner qualifies genuinely.", he added.
For more information about Loan Mod Audit call 877-477-4506 Ext 201 or email sales (at) verificationbureau (dot) com.
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 service and fraud detection systems. Verification Bureau offers a free trial program,which lenders can test their fraud detection tools for a limited time. For more information: www.verificationbureau.com, phone 877-477-4506 Ext 201, or email sales (at) verificationbureau (dot) com.
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