Rapid Reporting Tool Eliminates Employment Fraud

Rapid Reporting, Ft. Worth, Texas, has released EmploymentChek, a third-party employment verification service offering verbal verification of employment. VVOE picks up where automated employment verification services leave off by providing confirmations that come from live, person-to-person contact with the employer. With EmploymentChek, lenders and brokers can get definitive answers on a borrower's employment in 24 hours or less. All mortgage loans contain four major risk factors for fraud: identity, income, employment and collateral. The mortgage industry is particularly challenged by employment fraud because of the labor-intensive and paper-laden, manual process of verification, which opens lenders up to a variety of errors, oversights and opportunities for fraud. In most mortgage shops, the verification process is not measurable or accountable, and the mortgage companies do not capture the data. Rapid Reporting's EmploymentChek solves those issues with a process that validates the existence of the employer thorough a search of public and private records, and also provides a person-to-person verbal verification of employment conducted by a trained employment fraud specialist.