WASHINGTON -- (June 8, 2007) -- Lender
Technologies Corporation (LTC) (
www.lendertechnologies.com),
a wholly owned subsidiary of the Mortgage Bankers Association
(MBA), today publicly issued a Request for Information (RFI)
regarding the creation of a national database to help prevent
fraud against lenders. Within both the industry and law
enforcement, there is increasing concern that mortgage fraud
perpetrated against residential mortgage bankers has grown
considerably over the past several years with significant
consequences to lenders as well as to taxpayers, consumers
and communities. At the request of an industry group made
up of several of the largest residential mortgage lenders
as well as Fannie Mae and Freddie Mac, and as part of ongoing
efforts to combat mortgage fraud, a task force of MBA's
Residential Board of Governors is exploring the creation
of a national database, which will use technology to provide
an early warning system for potential fraud. LTC, is requesting
information to determine the availability of contractors
that have the experience, expertise and staffing to develop,
deploy and operate such a database.
"MBA continues to hear from its members that mortgage
fraud is a growing problem that is becoming more expensive,"
said John M. Robbins, CMB, Chairman of MBA. "MBA believes
that further innovation is required in order to adequately
protect the industry, as well as consumers, taxpayers, and
communities, from the costs of mortgage fraud and that is
why we are lending our support to efforts to develop a national
fraud prevention database."
The primary focus of this project is to develop a database
and process to facilitate the sharing of key data that
will improve a mortgage lenders' ability to identify and
stop fraud at the point of origination. The project described
in the RFI presents a very powerful opportunity for the
mortgage industry to prevent fraudsters from harming both
lenders and honest homeowners. To view the RFI, click
www.lendertechnologies.com.
SOURCE: Lender Technologies Corp.
