Lender Technologies Corporation (LTC), a wholly owned subsidiary of the Mortgage Bankers Association (MBA), has released its final request for proposals (RFP) for the creation of a national database to help prevent and detect mortgage fraud. Respondents will have until Nov. 6 to review and respond to the RFP.
The primary focus of this project is to develop and maintain a database and process to facilitate the sharing of key data that will improve a mortgage lender's ability to identify and stop fraud at the point of origination. The project described in the RFP, which will be implemented in phases, presents a very powerful opportunity for the mortgage industry to prevent fraudsters from harming both lenders and honest homeowners, according to LTC.
‘We are eager to move forward with the final RFP as we explore new technologies that will enable the industry to better track fraud and share information,’ says Kieran P. Quinn, chairman of the MBA. ‘The database will allow lenders to better protect themselves – as well as consumers, taxpayers, and communities – from the substantial costs associated with mortgage fraud.’
To view the RFP, visit www.lendertechnologies.com.
Source: Mortgage Bankers Association