Lender Processing Services Inc., a provider of integrated technology and services to the mortgage and real estate industries, has announced its acquisition of Verification Bureau, a developer of fraud prevention and Web-based verification solutions. LPS is combining its current collateral risk tools and analytic capabilities with Verification Bureau's automated income, identity and employment verification solutions to provide the mortgage industry with a comprehensive solution for combating mortgage fraud and managing risk.
"Mortgage fraud is complex and evolves constantly," said Greg Whitworth, president of LPS' Loan Portfolio Solutions division. "LPS is proud to expand its risk management offerings to include the most comprehensive, agile fraud solution set in the industry."
"Verification Bureau pioneered paperless and automated Internal Revenue Service (IRS) and Social Security Administration (SSA) direct verification solutions for lenders to help optimize their fraud prevention efforts," said Esteban Reyes, CEO of Verification Bureau, Inc. "By becoming part of LPS, we will take fraud prevention to the next level."
With the addition of Verification Bureau's FraudPredator offerings, LPS now delivers automated, Web-based solutions to quickly verify applicant income, identity and employment against IRS and SSA databases. All results are delivered through secure, convenient online accounts, and users can submit and track orders in real-time.
In addition to helping lenders, LPS' fraud prevention solutions are an effective way for servicers to mitigate losses - particularly as many prepare to modify or refinance millions of at-risk loans in their portfolios in response to the federal government's new Making Home Affordable (MHA) Plan.
Established in 2001, Verification Bureau serves 2,500 clients and 18,000 users worldwide. Leon, Mayer & Company advised Verification Bureau in the transaction.
For more information, visit www.lpsvcs.com.