Kroll Factual Data, a provider of business information solutions, says it has been selected by Oklahoma-based Frontier State Bank to provide independent verification of borrower data prior to all loan closings.
The bank, which primarily originates Federal Housing Administration (FHA), Fannie Mae and Freddie Mac loans, says high demand for FHA loans products has boosted its loan production in the past 18 months. It selected Kroll Factual Data to provide independent capacity-to-pay verifications on all of its loans.
Kroll Factual Data's services include billing and reporting that, the company says, increase traceability and transparency for Real Estate Settlement Procedures Act (RESPA) compliance. The company's verifications are also backed by representations and warrantees of accuracy.
SOURCE: Kroll Factual Data