Rapid Reporting announces EmploymentChekMortgagePress.comRapid Reporting, VVOE, EmploymentChek, income and identity verification
Rapid Reporting, an award-winning innovator of income and
identity verification products to the mortgage industry, has
announced the upcoming release of EmploymentChek, the mortgage
industrys first third-party employment verification service
offering verbal verification of employment (VVOE). VVOE picks up
where automated employment verification services leave off by
providing confirmations that come from live, person-to-person
contact with the employer. With EmploymentChek, lenders and brokers
can get definitive answers on a borrowers employment in 24 hours or
less, thereby protecting themselves in one of the most challenging
aspects of fraud detection.
All mortgage loans contain four major risk factors for fraud:
identity, income, employment and collateral. The mortgage industry
is particularly challenged by employment fraud because of the
labor-intensive and paper-laden, manual process of verification,
which opens lenders up to a variety of errors, oversights and
opportunities for fraud. In most mortgage shops, the verification
process is not measurable or accountable, and the mortgage
companies do not capture the data. Rapid Reporting's EmploymentChek
solves those issues with a process that validates the existence of
the employer thorough a search of public and private records, and
also provides a person-to-person verbal verification of employment
conducted by a trained employment fraud specialist.
"The old-school ways of verifying employment leave lenders
exposed to a variety of fraud, not to mention slow turn-around
times and higher costs of doing business," explains Jay Meadows,
CEO for Rapid Reporting. "What we've done is create a reliable and
consistent process that benefits from the stability and uniformity
of constant repetition. Lenders get a definitive answer on
employment verification based on thorough research by fraud
prevention specialistsall with a few mouse clicks, and in less than
24 hours."
Especially with the strain of today's challenging market, many
lenders are finding the employment verification process tedious and
time consuming, not to mention a strain on the skills of their
underwriting teams.
"There's the issue of labor efficiency. At the rate underwriters
are getting paid, doing employment verification isnt exactly the
best use of their time," explains Meadows. "And since there arent a
whole lot of junior underwriters in the business, this work often
gets delegated to temporary workers, which presents a huge risk
factor. Counting on employees with many other dutiesthose that
might not be committed to proper execution of the verification
processopens an opportunity for fraud to leak into the business.
How employment verifications are obtained can literally mean the
difference between catching a bad loan or getting a buy-back or
foreclosure down the road."
In order to use Rapid Reporting's EmploymentChek service, users
simply log on to their Rapid Reporting web-based application,
select VVOE, and provide the relevant information, such as the
borrowers name, employment information and social security number.
Rapid Reporting receives the information and begins working on the
file, running the information through multiple systems containing
billions of public and private records. It is then assigned a risk
rating based on the viability of the employer. At this point, the
information is relayed to Rapid Reportings customer service center,
where a highly trained specialist calls the employer and verifies
employment of the borrower. The lender can rest assured knowing
that a reliable and consistent process has been implemented, and
can therefore depend on the information, which can be reviewed
manually or fed to their loan origination systems.
The client is welcome to listen in on Rapid Reportings
verification calls, and all calls are thoroughly debriefed, with
survey reports readily available to the user.
"Whether the lender chooses to listen in on the call, review our
debriefing reports, or a combination of the two, they get
information that's in many cases much more thorough than theyd get
on their own," says Meadows. "Lenders can get the pertinent details
of each call, such as whether the phone was answered with a
business name, or if there were non-professional sounds like a
television or a baby crying in the background, which are all red
flags. Lenders and management will also have the ability to listen
to the recording of the entire VVOE call for up to 30 days."
"We've been working on developing EmploymentChek for over a
year, and virtually every underwriter we've spoken to has been
eagerly anticipating its release," says Meadows. "With
EmploymentChek and VVOE, lenders get speed and reliability, along
with the assurance of specialized, accountable, third-party
verification, all for a price thats less than what it would cost
them to do this in-house."
Rapid Reporting's EmploymentChek will be available in the fourth
quarter of 2008.
For more informaiton, visit www.RapidReporting.com.
