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Solution Validates Borrowers' Employment Data

Solution Validates Borrowers' Employment Data - Miami Based Verification Bureau Launches SUPRA, a New Solution to Verify Employment -- By the name of SUPRA, Verification Bureau launches this electronic tool, with the support of fraud experts, it will verify all information regarding employment provided to a lender or banker, information that may be needed for numerous transactions.

MIAMI -- (July 19, 2007) -- Miami Based VerificationBureau, a company using information coming directly from the IRS, Social Security Administration and Department of Treasury for its fraud prevention systems and identity verification solutions, launches a new tool that will allow validating a person's employment, telephone, address and its employer tax ID number within 24 hours via Verification Bureau's electronic platform.

By the name of Supra, this electronic tool, with the support of fraud experts at Verification Bureau, will verify all information regarding employment provided to a lender or banker, information that may be needed for numerous transactions.

Reports from the Mortgage Asset Research Institute inform that the state of Florida lists top in cases of overall mortgage fraud, and Supra aims to help lenders spot false employment and misrepresentation prior to funding of the loan.

"Employment misrepresentation is one of the Top Mortgage Fraud schemes perpetrated by fraudsters. Supra brings to lenders, an easy, cost efficient, and reliable system to verify borrower employment status, income, and the legitimacy of the employer, said Esteban Reyes President and CEO of Verification Bureau, Inc.

The MARI report released recently adds California, Utah, Michigan and Georgia to the list of top states reporting mortgage fraud. In addition, data from the FBI reports suspicious activity reports (SAR) related to Mortgage fraud have risen from 3,515 in 2000 to 28,000 in 2006. Estimated losses over this time frame come out to around one billion. Verification Bureau is committed to lower the risk of fraud by educating industry leaders and banking lenders and associates.

Verification Bureau offers a Zero Fraud Tolerance, a program where businesses can test for a limited time, VB's online suite of fraud prevention and verification tools.

SOURCE: Varification Bureau
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