Miami , Florida – April 1, 2005 – Mortgage lenders across the country are implementing 1003AppScan and PROVASiS, Verification Bureau’s latest automated fraud prevention solutions.  Requests for both tools have increased an average of 700% since December 1, 2004.

1003AppScan validates all the information on the 1003 residential loan application by performing over 150 different fraud tests, powered by a myriad of up-to-the-minute databases. In addition to the borrower (s) and employer (s), and subject property value, it scans the loan officer, broker, and any other third parties involved in the transaction, such as: realtors, closing agents, developers, and gift donors.

 Within 15 seconds, it reveals any data inconsistencies and potential fraud such as property flips, identity fraud, employment misrepresentation, false income, occupancy fraud, immigration status misrepresentation, and asset misrepresentation, among many others, in a comprehensive fraud report. The web-based solution can be accessed at any time from anywhere in the world.

PROVASiS is a lot more than an ordinary AVM, it accesses multiple databases to provide accurate values, expanded coverage and higher hit ratios. It has built-in fraud detection for property flips, ownership misrepresentation, appraisal fraud, OFAC, and much more.  The solution returns 15 comparables, appreciation graphs, maps, satellite views of the neighborhood, flood information, and tax assessment data.

Perdomo, Vice-President of sales of Verification Bureau, stated,  “Every Company that has used 100AppScan and PROVASiS has seen the advantages compared to similar products.”   added, “Fortune 500 lenders have adopted both solutions into their fraud prevention strategy.” 

“Our company chose to filter most of our loans through 1003AppScan.  After testing it, we realized that it is extremely easy to use and it provides targeted and concise reports.  Unlike other tools out there, 1003AppScan had minimal false positive and false negative results. This eliminates extra work and delays on the loan approval process,” said Diego Espinosa, CEO of TMP Investments,  “We are very pleased with the solution.” he added.

Michael Romero, President of Verification Bureau, stated,  “The mortgage industry has come to realize that fraudsters can be outsmarted by implementing the right fraud prevention tools in pre-funding.” 

According to the Federal Bureau of Investigations (FBI), fraud is everywhere. The FBI has ongoing operations under way in 37 states, currently targeting more than 5,000 fraud cases involving organized criminal groups. Verification Bureau constantly attends industry forums and meetings to share its expertise with the lending industry and law enforcement agencies to help exterminate the mortgage fraud disease.

About Verification Bureau

Headquartered in Miami, FL , Verification Bureau is a leading company specialized in fraud prevention services for the financial industry.  Over 500 clients and 12,500 users nationally benefit from their automated fraud prevention and verification solutions.

The company’s core offerings are 1003AppScan, which is an automated fraud filter used at pre-funding to detect inflated appraisals, property flips, identity theft, fraudulent brokers, false employment and income, and asset misrepresentation, among many others; IDFraudScan, which accesses data from the Social Security Administration (SSA) for identity verification purposes and complies with section 326 of the U.S. Patriot Act; IRSRecords, which is powered by a high-caliber connection to the Internal Revenue Service (IRS), to access individual and corporate taxpayer information in 24 hours for income verification purposes, and PROVASiS, which is an automated property valuation tool (AVM) with built in fraud detection for property flips, ownership misrepresentation, appraisal fraud, manufactured homes, OFAC and more.

For additional information visit http:// www.verificationbureau.com, or contact the sales department at 786-777-0316.

About TMP Investments

Founded in 2001 and headquartered in Miami, FL TMP Investments provides programs for all types of loans. TMP Investments works with broker branches across the United States and employs 15 people. For more information call 786.426.7728.