Miami , Florida – August 23, 2004 – Lenders across the nation can now add Property Valuation with Risk Scoring and Automated fraud detection into their Quality Control strategy.  Verification Bureau, an industry leader in mortgage fraud prevention solutions, has integrated PROVASiS (Property Valuation, Risk Scoring System & Automated Fraud Detection) into their growing product line.

Michael Romero, president of Verification Bureau, stated, “PROVASiS is the comprehensive fraud prevention solution that lenders need to completely detect fraud schemes tied to the Subject Property in a mortgage transaction”.  PROVASiS is intended to be used in pre-funding and quality control processes.  The product is highly cost effective by giving more information and being 70% less expensive than a regular Automated Property Valuation. PROVASiS pricing is based on volume; prices start at only $7.95 per request with unlimited fraud report re-scoring.

Fraud prevention experts and law enforcement agencies nationally use the same data and similar fraud prevention guidelines as PROVASiS.  All reports are processed in seconds, which can cut the applicant pre-qualification notification time in half.  The “Risk report” contains hundreds of red flag triggers such as: appraisal inflation detection; property flip detection; past questionable activity by the seller or buyer; inflated appreciation detection; and straw buyer detection.  Other reports generated by the program include:  Estimated Value, tax assessment information, subject property details, subject property transfers, flood report, neighborhood information, demographics, comparables, maps, and graphs.

In the “risk report”, PROVASiS will compile all generated data and produce a unified and comprehensive risk score.  Scores may range from low risk, medium risk, and high risk.   Since these scores are based on key aspects of the potential mortgage transaction, underwriters have all the information they need to make fast and well-informed decisions relevant to the subject property. If there is a question about the alerts-red flags revealed by the automated process, the program will give step-by-step recommendations and provide the additional tools to further investigate each alert. After successfully investigating all the alerts, PROVASiS will allow the user to re-score the fraud report based on the outcome of the additional investigations and verifications performed.

Verification Bureau is the coalition of Tax Verification Bureau and Oversis LLC, two companies specialized in mortgage fraud prevention services for the financial industry.   Over 500 clients and 12,000 users nationally benefit from their custom fraud prevention and verification solutions, IDFraudScan, IRSRecords, 1003AppScan, PROVASiS, PreQualita, and PreQualita Plus. For more information about Verification Bureau, visit their website at www.verificationbureau.com or contact the Sales department at 786-777-0316.