Horizon Consulting launches “Back to Basics” campaign to stamp out mortgage fraud
Horizon Consulting, a provider of financial support outsourcing services, has announced a “Back to Basics” initiative to advance the cause of risk mitigation and fraud prevention in the mortgage loan industry through intensified quality control. Statistics show that misrepresentation and fraud continue to escalate in the mortgage industry, despite (or, in part, because of) advances in technology. Automation of mortgage loan underwriting has, in one respect, created a false safety net for loan evaluation and approval. It is also easier than ever to forge documents. “Combating fraud in the mortgage industry requires a back to basics approach focused on collecting information from borrowers and then, most importantly, independently verifying that information,” said Wanda Alexis Alexander, president and chief executive officer of Horizon Consulting. “While technology can help streamline this work, mortgage loan quality control remains a somewhat labor intensive process.” To provide stronger underwriting assurances for its customers, Horizon is stepping up its loan and appraisal quality control efforts. While many companies re-verify income and assets, pull credit reports, order property valuations and so on, Horizon has integrated these services into a back to basics service executed by seasoned underwriting experts. Horizon, based in Lansdowne, Va., has been providing mortgage loan audits continuously since opening its doors in 1994. By applying numerous business rules and considering a variety of factors, Horizon is adept at verifying borrower and property eligibility requirements; helping customers’ mitigate risks; as well as detecting mortgage fraud. When all is said and done, says Alexander, there is no “fail safe” technical solution for loan-level file reviews. “The ability to look beyond what appears to be true and flesh out inaccuracies lies in the quality and expertise of the people involved in the underwriting process,” said Alexander. For more information, visit www.horizon-inc.com.