DataVerify Identifies More Than $70 Million in Subject Properties Potentially Impacted by Recent Flooding

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DataVerify recently enhanced its DRIVE® risk-mitigation platform to include a condition that alerts clients to potential collateral issues resulting from recent flooding in Louisiana. Lenders can use this new enhancement to re-score pending first mortgage or home equity applications to identify at-risk properties and determine whether to halt funding.

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“The DRIVE® platform can alert lenders to a variety of risks that may affect loan quality,” said Daniel Studeny, Vice President of Operations for DataVerify.

The U.S. Army Corp of Engineers recently made the decision to open specific flood gates in Louisiana in an attempt to ease the flooding of the Mississippi River. Within 48 hours, DataVerify created a condition in its DRIVE® platform to aid its customers in detecting mortgage loans in progress that might be affected by this type of disaster.

DataVerify identified 369 pending applications among its clients that were located in the areas affected by the floods. The applications represented approximately $73 million dollars in loan balances.

“We designed the DRIVE® decision engine with the flexibility to allow for this level of rapid customization,” said Kent Johnson, Vice President of DataVerify. “Our customers need to be able to guard against potential losses that result from swiftly emerging risks such as natural disasters. Clients have come to rely on us for this level of protection.”

Known for its ability to pinpoint borrower misrepresentation, DataVerify’s DRIVE® system employs a holistic approach to risk mitigation. “The DRIVE® platform can alert lenders to a variety of risks that may affect loan quality,” said Daniel Studeny, Vice President of Operations for DataVerify. “Fraud is just one type of risk that the DRIVE® system can aid in identifying. But lenders face a host of other risks that can be spotted through the use of the DRIVE® engine.”

Some of those risks include:

  •      Strategic defaulters – the DRIVE® platform can assist lenders in identifying borrowers whose loan balance exceeds the current property value and who have intentionally stopped making their mortgage payments.

  •      “Condotel” – the DRIVE® engine can identify loan applications that involve suspected “condotel” units, which many investor underwriting guidelines prohibit.

  •      Layoff – DataVerify has created a condition to alert lenders of company layoffs in a specified geographical region, prompting lenders to re-verify employment before closing.

Such comprehensive analytics can help lenders make informed lending decisions and reduce the potential for loss.

About DataVerify
DataVerify is a leading provider of fraud prevention analytics, predictive technology, and risk management solutions for the mortgage industry. Known as a developer of innovative products, DataVerify offers a single-source, customizable platform to help streamline loan processing and mitigate risk. For more information about DataVerify, call 866-895-3282 or visit the company online at http://www.dataverify.com.

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Dan Studeny

Sales at DataVerify

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