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First Line Data Provides Enhancements to Counter-Fraud Review Reports for Mortgage Lenders to Better Combat Misrepresentation and Fraud
Boulder, CO (PRWEB) October 8, 2007 -- First Line Data, Inc., the trusted source of business intelligence for mortgage lenders, has announced enhancements to their Counter-Fraud Review(TM) reports. Said Kellan Flynn, CEO of First Line, "Our emphasis has always been on infusing relevant, meaningful information into mortgage lenders' third party approval process. During these turbulent times, we are focused more than ever on delivering more innovation through an array of new information products and additional services."
CMRA Checkpoint(TM) has recently been added to each Counter-Fraud Review report. This verification of the submitted address will quickly indicate if the address is actually a Certified Mail Receiving Agency (for example, a Mail Boxes, Etc. type of address). For reports on broker, correspondent and warehouse line of credit applicants, HUD NeighborhoodWatch can now be included. This topic will show if the subject company is listed with HUD as a lender, and if so, the number of total originations, along with default and claims totals, and if the company is on Credit Watch status. Nancy Cowley, Vice President of National Sales, stated, "With mortgage companies down-sizing the potential exists for mortgage brokers to be working out of virtual offices instead of an actual physical location. CMRA Checkpoint will help lenders determine if their applicant is housed in an actual office." She went on to state, "With various sub-prime and non-traditional loan products no longer available, FHA products are now 'in' again. HUD NeighborhoodWatch is a topic that each lender doing government loans will need to include on their Counter-Fraud Review reports. We noted this trend and were able to bring this topic to market in a timely manner to assist our lender clients."
In Fraud for Profit committed by industry insiders, there is often collusion between numerous parties to the transaction. Knowing that lenders are screening not only brokers, but also closing agents and other industry professionals, First Line Data has just released FedWire Facts(TM) on their Closing Agent Verification Review(TM) reports. This two-step process verifies the ABA or routing number and then the bank account number where funds are to be wired. Ms. Cowley noted, "This topic is relevant for both lenders who have a set approval process in place for approving closing agents, and also for those who do not require a formal approval for each closing agent but just want to perform some due diligence before wiring funds in a transaction."
First Line Data provides these innovative report enhancements, along with their suite of services, to elevate the quality of third party originators and other business partners mortgage lenders approve to help ensure high quality loans and good performance. "More than ever before, knowing your applicant -- whether broker, correspondent, warehouse line, appraiser, builder or closing agent -- is imperative to protect your company's assets," reflected Mr. Flynn. "We are actively developing new products that bring critical information to your decision process, as part of our continuing commitment to preventing mortgage fraud."
About First Line Data, Inc.
Founded in 1999, First Line Data, Inc. is a leading provider of Web-based business point-of-approval and recertification reports, which are used to verify the validity of application documentation for the detection and prevention of fraud, tailored to the specific needs of the nation's mortgage lending industry. First Line Data provides the most effective, cleanest and easiest-to-read reports available to mortgage lenders for approving and recertifying third party originators, correspondents, warehouse lines, appraisers, builders, closing agents and retail dealers. The impact of First Line Data's innovative Counter-Fraud Reviews reports has been so positive as to produce auditor referrals of non-clients to First Line Data.
First Line's Internet site can be accessed at www.firstlinedata.com.
CONTACT INFORMATION:
Brant Siebert
First Line Data, Inc.
4735 Walnut Street, Suite C
Boulder, CO 80301
Phone: 800-810-3811
After hours: 800-400-6906, ext. 1103
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