Miami
,
Florida
– February 9, 2005 – Mortgage lenders across the country
are implementing 1003AppScan, Verification Bureau’s latest automated fraud prevention
solution. Requests for 1003AppScan
have increased 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.
Juan
Carlos Perdomo, vice-president of sales, stated,
“Every Company that has used 100AppScan has seen the advantages compared
to similar products.” Perdomo added,
“Fortune 500 lenders have adopted 1003AppScan 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
Jorge Posada of Sun Financial Mortgage,
“We are very pleased with the solution.” he added.
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 law enforcement agencies
to exterminate the mortgage fraud disease.
About
Verification Bureau
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 12,500 users nationally benefit from their automated fraud prevention
and verification solutions, 1003AppScan, IDFraudScan, IRSRecords, and PROVASiS.
For more information about 1003AppScan and Verification Bureau, visit their website
at www.verificationbureau.com or contact the Sales department at 786-777-0316.
About Sun Financial
Founded
in 2001 and headquartered in
Kendall
, Approved Mortgage Lenders provides programs for all types of loans. It works with
twenty broker branches across the
United
States
and employs 15 people. For more information call 305.303.4850.