ABA Banking Journal Home
June 21, 2011

Credit Plus, Inc., automated more of its Validation Plus fraud detection tools to help mortgage professionals verify loan application data and prevent mortgage fraud.

“Our tools automate most of the validation process, providing immediate confirmation of application information so fraud can literally be stopped before it even gets started,” said Greg Holmes, national director of sales and marketing for Credit Plus.

The following Credit Plus products have now been automated:

• Identity Validation addresses the 60% of mortgage fraud that involves identification discrepancies. This tool provides a validation score, specific warning messages, household income estimates, and checks of watch lists.

• Social Security Number Verification provides verification of the applicant’s SSN and name combination, as well as confirmation that the SSN and name are not on the Social Security Association death master list. This tool meets Fannie Mae LQI requirements.

• Mortgage Participant Report checks applicants against industry watch lists (OFAC-SDN, GSA-EPLS, HUD-LDP, and appraiser license data).

• MERS® SSN Lien Report searches more than 60 million lien records in the MERS System to determine if a borrower has other mortgages on the same property, and/or is listed as a borrower on undisclosed mortgage loans. An updated report is provided within 10 days of closing.

• Employer I.D. Report validates employer information, including address, phone, year established, number of employees, revenue, key executives, and website. The company’s organizational structure is also verified in the corporation/sole proprietorship database.

• Subject Property Report verifies that the property actually exists, confirms characteristics of the dwelling, substantiates previous ownership, and determines whether the property is at risk for flipping.

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