|
| [May 01, 2012] |
 |
Watchlist Review Module Eases Compliance Burden
AGOURA HILLS, Calif. --(Business Wire)--
Interthinx
announced today the release of its new Watchlist
Review Module, a stand-alone application that
allows/enables lenders to check all loan participants against several
industry lists to ensure compliance with Fannie Mae's Loan Quality
Initiative (LQI) as well as rules from the Office of Foreign Assets
Control (OFAC) and the Bank Secrecy Act (BSA).
"Much of the risk involved in the mortgage loan transaction rests
with the loan participants," said Gayle Shank, vice president of product
management at Interthinx. "Knowing whether these individuals - including
the personnel involved in the closing - are on any industry lists is a
critical due-diligence step that federal regulators epect lenders to
take. Those who fail to do so greatly increase the risk associated with
a loan transaction."
Shank pointed out that the BSA requires lenders to screen closing
participants against industry watchlists but said that lenders lacked a
comprehensive way to do so. The new Watchlist
Review Module solves that problem by screening
individuals and companies against all exclusionary lists at the same
time. "It's a great time-saver for lenders because it eliminates the
need to visit and search various individual websites," she noted.
The module uses name-matching software combined with algorithms to
identify matching records. The system provides a customizable, intuitive
report through a single-source interface.
About Interthinx
Interthinx, a Verisk Analytics (Nasdaq:VRSK) subsidiary, is a
leading national provider of comprehensive risk mitigation
solutions focusing on mortgage fraud, collateral risk and valuation,
regulatory compliance, forensic loan audit services, loss
mitigation, and loss forecasting. With more than 20 years of
experience in customizable risk evaluation technology, Interthinx offers
proven and effective predictive analytics to the residential
mortgage industry through its experience with millions of loan
applications and fraud incident data from thousands of monthly loan
reviews. Throughout the mortgage life cycle, the Interthinx suite of
services can increase the value of client portfolios with its
comprehensive and holistic approach to loan quality and compliance. Winner
of multiple awards for technology, Interthinx helps clients reduce risk,
increase operational efficiencies, satisfy regulator demands,
manage data verification, remain compliant, and mitigate loan
buybacks. The Interthinx quarterly Mortgage Fraud Risk Report is
a standard for the financial services industry. For more
information, visit www.interthinx.com
or call 1-800-333-4510.
[ Back To Homepage ]
|
Virtualization has taken the IT world by storm but to date the comms market has been mostly unaffected – relying instead on proprietary appliances for numerous functions. A recent industry push to establish network standards virtualization will potentially shake-up the telecommunications market even more than the move to IP communications. As network hardware begins to be released as software, carriers are expected to save money and benefit greatly from new levels of flexibility related to hosting their network in private and virtual private clouds. 
