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Blue Horizon Capital announces the acquisition of Veri-tax

NationalMortgageProfessional.com
Aug 16, 2010

Veri-tax LLC, a provider of tax verification and fraud management solutions, has been acquired by Blue Horizon Capital, a private investment firm. The acquisition, completed for an undisclosed sum, will provide additional capital and resources to support Veri-tax’s growth initiatives. Veri-tax provides electronic tax and income verification solutions that enable mortgage lenders, banks, and other issuers of consumer credit to make informed decisions about the ability for potential borrowers to repay loans. Veri-tax clients include two of the nation’s top four banks, in addition to hundreds of lenders, originators and other financial institutions serving the mortgage and consumer credit sector. As part of the transaction, Blue Horizon will invest in the growth of the company and the expansion of its fraud detection, management and mitigation services. Veri-tax will maintain its name, management team, employees and headquarters. Michael Chon, managing partner of Blue Horizon Capital, will join Veri-tax’s Peter Pozzuoli as co-president of Veri-tax to contribute his extensive expertise on strategic growth. “The mortgage industry is undergoing a dramatic shift toward responsible lending,” said Chon. “Through our investment in Veri-tax, we will help empower financial services institutions with the most advanced, reliable and powerful verification and fraud prevention solutions on the market.” Veri-tax’s suite of solutions include: ►Income Tax Verification, which provides secure processing of 4506-T IRS forms (requests for tax transcripts) to verify a borrower’s income; ►Social Security Number Verification, through an online link with the Social Security Administration’s database, which also meets USA Patriot Act requirements for financial institutions to verify customers' identities; ►Mortgage Fraud Report, an easy-to-read, all-in-one report that verifies mortgage applicant information, instantly allowing lenders to catch cases of identity theft; ►Bankruptcy Verification, which provides lenders with access to comprehensive data on their applicant’s potential bankruptcy history. “With more regulation on the way as a result of recently passed financial reform legislation, demand for better income and credit verification tools is set to explode,” said Pozzuoli. “This is a great day for Veri-tax’s customers.” For more information, visit www.Veri-tax.com or www.bluehorizoncapital.com.
Published
Aug 16, 2010
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