Kroll Factual Data curbs borrower fraud with FactualIDMortgagePress.comKroll Factual Data, fraud, FactualID, consumer identity verification, risk assessment tool
Kroll Factual Data, a provider of business information solutions
to financial organizations, has announced that it will offer its
consumer identity verification product in conjunction with
tri-merge credit reports. FactualID, a comprehensive borrower
assessment, helps lenders prevent fraud and reduce risk by
uncovering possible identity misrepresentation.
Kroll Factual Data launched FactualID in January 2007 as a
standalone risk assessment tool. Today, the company offers clients
the option to automatically request identity verification when a
credit report order is placed. This option adds an extra measure in
verifying the borrower's true identity to counter fraud at the
beginning of the loan process.
"A recent report issued by FinCEN indicated that more than half
of mortgage fraud filings were filed by only ten institutions,
around eight percent of the SAR's filed referenced a repurchase
demand, suggesting the filing institution did not learn of the
possible fraud until a buyback was requested." said Jeff Gentry, VP
of emerging services at Kroll Factual Data. "Uncovering fraudulent
activity at the point of origination is essential. By combining
FactualID with our credit reports, we aim to help financial
institutions fund accurate, high quality loans, and ultimately
reduce losses due to fraud."
To perform a FactualID assessment, clients provide Kroll Factual
Data with the borrower's name, Social Security number and property
address. From this data, clients receive a report that assesses the
risk of identity and occupancy misrepresentation and also searches
the OFAC List of Specially Designated Nationals (SDN), the OFAC
Non-SDN Palestinian Legislative Council List (NS-PLC) and other
exclusionary lists. Results are translated into a numerical risk
score to provide easy risk assessment parameters that can be
customized for each client.
For more information, visit www.krollfactualdata.com.