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ARMCO—ACES Risk Management, a provider of Web-based audit technology for the financial services industry, has announced the seamless integration of its loan auditing platform with independent data verification services from Kroll Factual Data, a provider of credit, risk mitigation and third-party verification services to the mortgage industry. This integration establishes fully electronic communication between ARMCO’s quality control (QC) software, ACES Web Audit Technology, and Kroll Factual Data’s Verify platform. This enables ARMCO customers to obtain Kroll Factual Data’s re-verification services from directly within the ACES system. Order forms are pre-populated with loan data pulled from ACES and are sent directly to Kroll Factual Data. Upon completion, the re-verification information is uploaded back into the loan file contained within ACES and provided to the analyst for review, thereby creating a single-system of record.
“The cost of compliance and the hours spent on compliance have gone up significantly in the past few years,” said Avi Naider, chairman and chief executive officer for ARMCO. “ARMCO’s ACES platform eases this burden through automation of audit workflow, data capture and reporting. By partnering with Kroll Factual Data, ACES customers will now benefit from a best-in-class solution that further reduces processing times, as well as the cost of processing.”
Re-verifications can be supported on a one-off basis or processed in bulk. Kroll Factual Data services included in this integration are:
►Employment and income verification;
►Tax return verification (4506-T);
►Social Security Number (SSN) verification;
►Verification of deposit.
“Our outsourced verification services save customers time and money, allowing them to progress from manual to automated processing” said Rod Bazzani, president of Kroll Factual Data. “Working with ARMCO enables us to offer customers a one-stop, automated and integrated system of record for all of their loan auditing and re-verification needs.”