The new integration enables users to immediately verify the identity of other individuals using the platform, which automates processes and facilitates the exchange of documents and information in the mortgage closing process, Mortgage Cadence says in a release.
ALTA launched the registry in 2017 as the first national database of real estate attorneys, title insurance agents and settlement companies. In addition to contact information and branch locations for settlement firms, agents and title companies, each registry listing includes a title agent’s or real estate attorney’s unique seven-digit ALTA ID, which enables lenders to quickly verify the identity of the entity handling a transaction.
With 8,000 confirmed records and more being added daily, the registry is becoming an important tool in fighting cybercrime.
“The national ALTA Registry is a unique real estate utility created specifically for mortgage lenders and technology partners,” says Diane Tomb, CEO of ALTA. “We’re pleased to offer this tool as an innovative product to Mortgage Cadence and its clients. The emergence of the ALTA registry as an effective and easy-to-use source of data and information comes at the perfect time to help counter the alarming increase in wire fraud.”