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PRESS RELEASE


Tool Automates Broker Validity Check

Tool Automates Broker Validity Check - Interthinx Automates Third Party Review


 
AGOURA HILLS, Calif. -- (July 19, 2007) -- Interthinx Inc., the leading provider of proven risk mitigation, mortgage fraud prevention and regulatory compliance tools for the financial industry, has completed automation for lenders to validate broker submitted data with same day results. With its suite of Third Party Review solutions, Interthinx monitors nearly half a million broker/lender licenses per month and provides that information to eight of the top ten financial services companies in the nation. The new automation enables Interthinx to alert lenders of issues pertaining to license information and status, licensee derogatory information, social security number, bankruptcy filings, address and phone number and the broker's inclusion on the OFAC (Office of Foreign Asset Control) list, industry and client submitted watch lists and Interthinx's NFPD (National Fraud Protection Database) on mortgage brokers with near immediate results.

"FBI statistics reveal that 80% of mortgage frauds involve industry participants," said Kevin Coop, president of Interthinx. "Participants can include appraisers, brokers, real estate agents, etc. Interthinx's ability to provide same day reports on the status of broker licensing can not only arm today's lenders with crucial data on business partners, but may help prevent more undesirable business partners from breaching company walls."

The Third Party Review automation provides lenders fresh data, which is imperative to today's decision processes where licensing status of current and potential business partners is always in flux. "To avoid being a victim of mortgage fraud, it's important to know who you are doing business with today," said Connie Wilson, executive vice president of Interthinx. "Part of your broker review process should absolutely include a current license check and thorough background check. Automation of this type of process streamlines office efficiencies and ensures an additional layer of risk protection necessary in today's rather dubious environment."



SOURCE: Interthinx Inc.
 
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