SOURCE: Verification Bureau

October 13, 2008 11:35 ET

Verification Bureau Presents Paperless Income and Identity Fraud Detection System at the MBA's 95th Annual Convention and Expo

SAN FRANCISCO, CA--(Marketwire - October 13, 2008) - Verification Bureau, a leader in fraud detection systems who helps lenders profit more by preventing fraudulent loans from getting funded, has announced that they will be presenting a paperless Income and Social Security Number verification solution at the Mortgage Bankers Association 95th Annual Convention and Expo in booth# 626. The expo will be held in San Francisco, CA, Oct 19-20, 2008.

Verification Bureau reported that the paperless solution relies on information gathered directly from the IRS and the Social Security Administration. The company also disclosed that the new solutions have helped lenders improve their verification processing productivity by as much as 85%, and cut down their loan decision time by 42%.

"We continue to develop our platform with the lender's needs in mind. In these times of distress it's crucial for lenders to maximize productivity and reduce overhead costs. Our paperless system enables lenders to profit more by minimizing losses due to fraud, and becoming more efficient in their loan processing operations," said Esteban Reyes - CEO for Verification Bureau. Reyes explained that in addition to their paperless environment, the platform allows high-volume lenders to integrate their Loan Origination System and automate the manual process. He completed: "By making these verifications automated, lenders will eliminate the time spent in data-entry, faxing, and other indirect verification costs, all which affect their bottom line."

The paperless feature if one of the most recent enhancements made to Verification Bureau's suite of fraud detection and information verification products. Through the platform lenders have immediate access to verification tools which can help them minimize risk in the 5 areas of potential fraud in a loan transaction: income, identity, employment, collateral and assets.

About Verification Bureau

Founded in 2001, Verification Bureau is the leading provider of automated Internal Revenue Service 4506T processing and Social Security Administration social security number verification systems. Over 2,500 clients and 18,500 users worldwide benefit from their suite of verification tools, background screening, and fraud detection systems.

Verification Bureau offers a free program which lenders can test for a limited time: The Fraud Safe online suite of fraud detection and verification tools. For more information log on to www.verificationbureau.com.

Contact Information

  • Contact:
    Juan Carlos Perdomo
    Verification Bureau Inc.
    Ph 786-777-0316 x 201
    Email Contact