DataVerify, a provider of workflow solutions, data verification and risk mitigation services to the mortgage industry, has agreed to an association with Dytrix Inc. to offer wire validation and counterparty risk mitigation services to its lender clients.
“Lenders today are facing significant risks posed by wire fraud and counterparty risk in an increasingly rapid paced virtual and digital lending environment,” says Brad Bogel, DataVerify’s president. “Wire fraud risk is chief among those risks and demands that lenders need to accurately verify and validate third parties and accounts involved in the settlement closing process.”
DataVerify is now able to direct clients to a workflow solution at Dytrix where Dytrix helps lenders to ensure a safe closing transaction while meeting know your counterparty/vendor requirements. These advantages, together with the added flexibility and automated approach, can help to lower lender loan fulfillment costs. At Dytrix, the lender’s balance sheet is protected through a process where closing agent identity is authenticated and wiring information is validated by Dytrix to prevent losses due to wire fraud, while at the same time optimizing the loan manufacturing process.
“Working with a risk mitigation and automation leader in the mortgage lending industry is an opportunity to offer our clients as well as their clients more assurance throughout the process as it relates to quality control and fraud prevention,” says Dytrix CEO Regina M. Lowrie. “It also offers lenders more options for automation throughout their process to help speed up cycle times which in turn benefits their borrowers.”