DataVerify Says Tech Supports Fannie’s Loan Quality Initiative

Posted by Orb Staff on April 26, 2010 No Comments
Categories : Residential Mortgage

Features available through DataVerify's Data Risk Intelligent Verification Engine (DRIVE) technology help lenders comply with a host of new Fannie Mae guidelines, DataVerify reports.

Fannie Mae recently announced a new program through its Loan Quality Initiative designed to help mitigate repurchase risk. The particulars of the program, however, also pose a number of new challenges in gathering, analyzing and effectively using pertinent information needed to comply, DataVerify says.

DRIVE, an enterprise-wide fraud management system, analyzes borrower identity, application information, and property to be purchased, and provides an array of additional features tailored to the new Fannie Mae guidelines.

For example, Fannie Mae's Selling Guide Update Announcement SEL-2010-01 requires that lenders confirm a borrower's identity, Social Security number or Individual Taxpayer Identification Number (ITIN). In respect to this task, DRIVE provides an ‘SSA Direct’ service for direct verification from the Social Security Administration, as well as identifies ITINs with a specific condition/alert.

DRIVE can also assist with other requirements, DataVerify says, such as mandating a borrower-occupancy description by providing an analysis of a borrower's intent to occupy, including confirming existing current addresses and the borrower's prior purchase history.

SOURCE: DataVerify

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