Credit Plus, a provider of analytical tools and services to the mortgage banking industry, recently introduced FraudPlus, a tool to help mortgage lenders verify applicant information, minimize risk and comply with new regulations.
The company claims the solution makes it easy for lenders to quickly perform a thorough risk assessment of applicants and identify problems with applications.
‘FraudPlus simplifies lenders' jobs by eliminating the need to check multiple sites or sources for different verifications,’ says Greg Holmes, national director of sales and marketing for Credit Plus, in a release. ‘By providing all the third-party verifications lenders need, FraudPlus helps lenders streamline the verification process and make informed lending decisions.’
Lenders can customize FraudPlus to provide exactly the types of data needed. The software delivers three separate reports, each with a ‘summary of findings’ page that highlights areas of caution and shows, at a glance, whether an applicant is a risk.
The Borrower Detail Report validates an applicant's identity, including name, address, Social Security number, birth date and phone number, as well as other custom information.
The Property Detail Report verifies that the property actually exists, confirms characteristics of the dwelling, substantiates previous ownership, determines whether the property is at risk for flipping and delivers other custom data.
The Mortgage Participant Detail Report provides the results of a comprehensive examination of appraiser licensing data and industry watch lists.
‘Mortgage fraud is getting more complex, and sometimes, even ordinary applicants make mistakes on their applications,’ adds Holmes. ‘FraudPlus is just one more way Credit Plus is proactively working to help lenders ensure they stay in compliance with new regulations and make smarter, safer loans.’