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Mortgage Industry Working Group Forming to Prevent Fraud

Industry Working Group Invites Companies to Join Development Efforts for National Fraud Prevention Database - Entities that fund, service or invest in mortgages are eligible.

WASHINGTON, D.C. - (September 12, 2007) - An Industry Working Group made up of Fannie Mae and Freddie Mac along with several of the largest residential mortgage lenders are working toward the development and implementation of a national mortgage fraud prevention database. The Industry Working Group is today publicly inviting additional entities that fund, service or invest in mortgages to join in the development of the database.

In June, The Working Group, which for administrative convenience has been working through Lender Technologies Corporation, a subsidiary of the Mortgage Bankers Association, requested information to determine the availability of contractors that have the experience, expertise and staffing to build, deploy and operate such a database. To facilitate the prompt completion and issuance of a Request for Proposal (RFP), interested parties must respond to this invitation within 14 days, i.e. Wednesday, September 26, 2007. After that time, the Industry Working Group will be closed.

The primary focus of this project is to develop a database and process to facilitate the sharing of key data that will help identify and stop fraud against mortgage lenders before a loan is funded. The project described in the Request for Information (RFI) presents a very powerful opportunity for the mortgage industry to prevent perpetrators of fraud from harming honest homeowners and others with a financial stake in mortgages. Members of the Industry Working Group will guide decision-making on standards for the submission of data, the rules for disseminating data, organizing an entity to hold the database, development of criteria for vendor selection, etc.

Interested parties must commit to comply with existing membership rules, including consistent attendance at Working Group meetings and payment of a pro rata share of ongoing legal and other operational costs. New members also must agree to pay an upfront fee of $7,500 reflecting expenses incurred to date by current Industry Working Group members.

Interested parties must contact Phyllis Slesinger at pslesinger@mortgagebankers.org or 202-557-2700 by Wednesday, September 26, 2007.

SOURCE: The Mortgage Bankers Association
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