Orchestrator Provides Reverse Mortgage Lenders With Fraud Risk Analysis Solution

image Mortgage Cadence announced the seamless integration between DataVerify’s DRIVE platform and its Mortgage Cadence Orchestrator platform.  The combined solutions provide its customers with superior tools to stay ahead of the rapidly changing market conditions  while combating fraud, streamlining verification processes and reducing potential loan losses.

“Mortgage Cadence leads the market in providing compliance and regulatory solutions through an integrated ELS platform that enables our clients to quickly and confidently respond to the myriad of changes taking place in the market,” stated Tim Counterman, Director of Product Management & Compliance at Mortgage Cadence.

The integration with DataVerify came from a request from one of its reverse mortgage clients who was looking to confirm information about the borrower, where they are living, their age and the value and risk of the property.  Now the lenders can quickly identify legitimate borrowers while reducing false positives, ensuring compliance with Red Flag Rules and minimizing costly queries to the Social Security Administration.

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In addition, DataVerify provides a proprietary collateral risk assessment model that evaluates market and subject property characteristics to determine the overall collateral risk. This assessment provides public and non-public data analysis of foreclosure activity, flip activity, subject transfer history, geographic conditions, and market sale.

“Both Mortgage Cadence and DataVerify have native rules engines at the core of their solutions allowing for the creation of very powerful workflow scenarios that result in a superior automated data validation solution that increases efficiencies, pull throughs and controls, while reducing approval and processing timeframes,” added Mike Moseler, Chief Information Officer of DataVerify. “We will continue to update this platform to stay ahead of fraud schemes and underwriting criteria in an effort to mitigate the financial and reputational risks of our customers.”

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