Multiple verifications are available to help ensure mortgage applicants meet lending standards and do not pose a significant risk of fraud. From identity to employment and income verification, DataVerify offers the tools you need to avoid approving fraudulent or risky loan applications.
Often, misrepresentations in loan applications are the result of typographical mistakes rather than intentional fraud. However, it’s crucial to protect your lending organization from the approval of loans that may result in repurchases or regulatory noncompliance.
Identity fraud is a particularly prevalent form of fraud today, with an 11% increase in identity misrepresentation in new bank account creation in the U.S. from 2020 to 2022. Without safeguards in place to thoroughly verify consumer financial data and identity, a bank or mortgage company may encounter and assume significant risk.
Through the DataVerify DRIVE platform, mortgage lenders can access various reports that can help substantiate a potential borrower’s stated identity and other pertinent information:
Real-time Identity Verification
Employment Verification
Applicant Associated Business Search
Income Verification
Applicant Real Estate Owned (REO)
Credit Inquiry / Employer Search
Voter Registration
Relatives & Associates Search
Applicant Bankruptcy History
Applicant Foreclosure History
Applicant Liens & Judgments History
Driver’s License Search
Undisclosed Debt Monitoring*
4506-C IRS Tax Transcript Verification
Social Security Verification (SSA 89)
Industry, Investor, and Client Third Participant Watchlist Checks
Lender and Loan Officer NMLS License
Address Validation
Reverse Phone Number Search
MLS® Data Report
Building Permit Search
Property Listing Data
AVMs
Subject Property Foreclosure Activity
Flood Zone Determinations
Chain of Title
Property Characteristics
Comparable Sales
Aerial Photo
Occupancy Map
FEMA Data
County Tax Assessment Data
*Service provided by DataVerify affiliate
Verifications are just one piece of the underwriting and loan processing puzzle. Instead of manually completing the various steps required to meet internal and regulatory lending standards, save time DataVerify's automation.
Your workflow can be configured in a variety of useful ways. For example, if an applicant meets certain parameters, verifications you select can be ordered automatically. If parameters are not met, the process can be halted and you’ll receive a status alert.
Complete the form below to connect with a knowledgeable verification specialist.
