With fraud becoming a major concern in the mortgage industry because of changes in guidelines and regulations over the past year, ISGN Corp. has partnered with Interthinx to add the FraudGuard and PredProtect Compliance Suite to its MORvision loan origination system Plug-In Partner Network.
ISGN, a provider of end-to-end technology solutions and services to the national mortgage industry, is giving its users access to tools that prevent fraud and ensure compliance all prior to loan funding.
MORvision is an advanced loan origination system that automates everything from point-of-sale and Web origination through processing, underwriting, closing, secondary tracking and delivery. Lenders have the ability to do all these tasks in one system and have access to ISGN’s Plug-In Partner Network, which enhances efficiency and profitability by facilitating easy connections to dozens of service providers including Fannie Mae Desktop Underwriter, Fannie Mae SBA, Freddie Mac Loan Prospector, eMagic, MERS and dozens of credit bureaus.
“As part of MORvision’s comprehensive set of solutions, we want to give our users the tools they need to succeed,” said Niraj Patel, ISGN group president.
According to Interthinx senior vice president, Mike Zwerner, the firm’s FraudGuard solution is designed to help increase loan processing efficiency, minimize costly errors and close loans faster. At the same time it provides secure data transmission for sensitive consumer information that ultimately helps minimize fraud-related losses.
PredProtect provides lendors, investors, and servicers the ability to verify that their loans are in compliance with hundreds of federal and state anti-predatory lending requirements.
Interthinx, based in Agoura Hills, Calif., is a national provider of risk mitigation solutions covering mortgage fraud, collateral valuation, regulatory compliance, audit services and loss forecasting.
“The plug-and-play integration of the Interthinx solutions and MORvision is streamlined and seamless,” Zwerner said. “MORvision users will no longer have to manually rekey data to utilize either solution. All pertinent information can be seamlessly transferred into FraudGuard and PredProtect with just a few mouse clicks, providing users with the convenience and peace of mind that comes from a reliable, integrated solution.”
In 2009, mortgage fraud increased and the market remains an attractive environment for those who want to commit fraud, according to the FBI’s mortgage fraud report “Year in Review.”
Besides the new RESPA and Regulation Z requirements lenders have to comply with, they are also facing compliance changes from programs like Fannie Mae’s Loan Quality Initiative, Home Valuation Code of Conduct and Uniform Mortgage Data Delivery. Fraud always remains a threat with these programs.
“With tougher standards, stricter enforcement and a new wave of anti-predatory lending laws, originators are more concerned than ever with fines, fees and even class action lawsuits,” Patel said. “By giving seamless, integrated access to the Interthinx Enterprise of Fraud Management and Regulatory Compliance Solutions, we’re providing our users with the power to proactively protect themselves. That assurance is good for both the lender and the investor.”
