DataVerify, a provider of automated data verification and mortgage fraud detection, said Wednesday that it had created the first electronic integration that tapped into the MERS registry. Via its DRIVE anti-fraud protection platform, DataVerify said it had implemented an automatic MERS trigger that 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 mortgage fraud prevention vendor to link our data verification and fraud protection analytic capabilities to the MERS System database.” MERS has been looking to leverage its strong market presence into fraud detection, with sources buzzing about the new service at a recent Mortgage Bankers Association show in Boston. Because MERS can post loan data in three days, ahead of a deed being recorded, the online registry might more easily be able to spot so-called concurrent application fraud than other data sources. Which, of course, means industry participants should expect to see other fraud suites line up shortly to take advantage of the MERS dataset. “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 mortgage fraud that is impacting lenders, investors, insurers and borrowers, in terms, of both increased losses and hardship.” For more information, visit http://www.mersinc.org and http://www.dataverify.com.
MERS, DataVerify Integrate on Fraud Detection
Most Popular Articles
Latest Articles
Trump names Scott Turner the new HUD secretary
The former pro football player, motivational speaker and prior White House Opportunity and Revitalization Council member was named Friday.
-
Real estate investors purchased 16% of homes in Q3 2024
-
Could the Trump transition delay some reverse mortgage policy decisions?
-
This doctor says homes must accommodate aging in place
-
MBA revises 2025 mortgage rates forecast, and it’s not good
-
Mortgage servicing strategies are undergoing a major transformation