Tech Roundup: ‘Third Party Verification’ Mitigates Risk, New IRS Interface

Loveland, Colo.-based Kroll Factual Data, a provider of business information solutions to financial organizations, added Third Party Verification (TPV) as an expanded service — addressing the growing need of lenders, servicers, and financial institutions to obtain an unbiased verification of information. Kroll’s TPV system performs verifications of information including identity, employment, assets, tax information and any outstanding liabilities.  Since the work and accuracy of verifications performed become the responsibility of a third party — in this case the TPV system — Kroll said clients then have the ability to transfer risk while producing quality loans faster. For more information visit www.krollfactualdata.com Partnership Provides Fraud Risk Analysis Solutions Mortgage Cadence, Inc., a provider of Enterprise Lending Solutions, integrated DataVerify’s DRIVE platform and Mortgage Cadence Orchestrator. “The integration with DataVerify, a leading fraud detection and prevention platform, enhances our overall compliance offering and provides customers with a seamless loan data feed into the DRIVE platform that then returns comprehensive and imperative information back into Mortgage Cadence  Orchestrator,” said Tim Counterman, director of product management & compliance at Mortgage Cadence, Inc. Returned reports and scores allow Orchestrator users to quickly identify legitimate borrowers while reducing false positives, ensuring compliance with Red Flag Rules and minimizing costly queries to the Social Security Administration, according Mortgage Cadence. In addition, DataVerify provides a proprietary collateral risk assessment model that evaluates market and subject property characteristics to determine the overall collateral risk. This assessment provides public and  non-public data analysis of foreclosure activity, flip activity, subject transfer history, geographic conditions, and market sale. For more information visit www.mortgagecadence.com Demand Grows for Same-Day Payment Availability Fidelity National Information Services, Inc. (FIS), a provider of processing and technology solutions is teaming with Western Union (WU) and leading online financial application provider Yodlee, Inc., to expand the value and capabilities of online bill pay for FIS customers and other financial institutions worldwide. Through the relationship, FIS will integrate Yodlee PayToday into the FIS online bill payment solution, providing end-to-end electronic billing and payment solutions directly to customers’ computers, according to a joint statement by the trio. Bill pay customers will be able to take advantage of the revenue-generating capabilities offered by Yodlee payments solutions and immediately begin to generate new fee-based revenue by offering customers guaranteed, same-day electronic payments. For more information visit www.fidelityinfoservices.com Firms Partner to Provide Efficient Income Verification Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, entered into an agreement with Fort Worth, Texas-based Rapid Reporting, a provider of pre-funding income and identity verification products for the mortgage industry. Lenders one said the partnership will provide cooperative members with more aggressive pricing and quicker turn times on Form 4506-T requests with Rapid Reporting’s IncomeCheck product. “Today’s lending environment is about improving efficiencies while reducing costs, all to ultimately increase a company’s return investment,” said Luke Pille, Lenders One director of national programs. IncomeCheck is Rapid Reporting’s Web-accessible income verification tool that is directly interfaced with the IRS to confirm and verify borrower income against tax return (W-2 and 1099) data. It produces personal, business or tax transcripts in as little as 24 hours. For more information visit www.lendersone.com and www.rapidreporting.com Write to Kelly Curran at kelly.curran@housingwire.com. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade

Most Popular Articles

Latest Articles

2024 is not the year to cut corners on staging — here’s why 

With home prices reaching unprecedented heights and interest rates soaring, the discerning nature of today’s buyers requires all agents to employ every possible advantage. Simply put, cutting corners on staging is a risky move that risks prolonged market presence.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please