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DataVerify Adds MERS Solution To Instantly Detect Undisclosed Mortgages
Chesterfield, MO, May 14 2008 – To combat the growing trend of mortgage fraud, DataVerify, a leader in automated data verification and fraud detection, has created the first electronic integration with MERS (Mortgage Electronic Registration Systems, Inc.), within its DRIVE (Data Risk Intelligent Verification Engine) anti-fraud platform to assist mortgage lenders in reducing loan losses by detecting and identifying the deceptive practice of undisclosed mortgage transactions within a specified window of time.
Combined with DRIVE’s other unique undisclosed debt alerts, DRIVE’s automatic MERS trigger creates an additional “touch less” verification process to assist in significantly reducing the risk associated with undisclosed debt. The DRIVE platform instantly completes a search of the MERS® System thereby receiving a detailed response that lists all MERS’ registered real estate loans closed by the borrower.
“The MERS® System has become an essential due diligence step in the mortgage industry’s war on fraud”, said Steve Halper, President of DataVerify. “As MERS continues its mission to reduce paper in the home buying process, DataVerify is proud to be the first automated fraud prevention vendor to link our data verification and fraud analytic capabilities to the MERS® System database.
“As multiple application mortgage fraud continues to grow, MERS® System loan registration information has emerged as one of its most formidable combatants,” said Dan McLaughlin, Executive Vice President for MERS. DataVerify’s new MERS portal streamlines the loan registration search process, enhancing lenders ability to detect and prevent this type of fraud that is impacting lenders, investors, insurers and borrowers, in terms, of both increased losses and hardship.”
About DataVerify
DataVerify is a leading provider of fraud prevention and decision management solutions for the mortgage industry. First to market with such impactful fraud prevention tools as: real time payroll registry verification, automated salary verification, and undisclosed real estate and businesses, DataVerify continues to lead in the development of unique new solutions to the ever changing landscape of fraud and credit risks in today’s mortgage environment.
For more information about DataVerify, call 866-895-3282 or visit the company online at www.dataverify.com.
About MERS
MERS is an electronic loan registry created by the real estate finance industry to eliminate assignments when trading mortgage loans. Borrowers name MERS as mortgagee and nominee for the lender on deeds of trust and mortgages that are recorded in the county land records. Lenders then register the loans on the MERS® System and electronically track changes in servicing and beneficial ownership rights over the life of the loan.
Loans registered with MERS are inoculated against future assignments because MERS remains the mortgagee of record no matter how often servicing is traded between MERS members. Fannie Mae, Freddie Mac, VA, FHA, Ginnie Mae, the Federal Home Loan Bank MPF®, California and New York housing authorities, and all major Wall Street rating agencies have approved MERS.
To learn more about MERS, call us at (800) 646-MERS (6377) or visit us at www.mersinc.org.
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