LexisNexis TrueID Now Integrated With FormFree’s AccountChek

Posted by Patrick Barnard on October 27, 2016 No Comments
Categories : Residential Mortgage

To help mortgage lenders address the risk of fraud as the move toward the all-electronic mortgage, LexisNexis’ TrueID identity and asset verification service is now integrated with FormFree’s AccountChek automated verification solution.

LexisNexis TrueID helps organizations instantly authenticate identity documents, fight fraud and improve the customer experience.

When combined, the two services will provide lenders a potent solution for verifying assets while mitigating identity fraud.

“Digital mortgages are a critical evolution for the real estate industry,” says Tim Coyle, senior director, real estate and mortgage, LexisNexis Risk Solutions, in a release. “As the evolution occurs, some traditional processes are being automated to shorten the mortgage processing timeline and improve the customer experience. If not implemented prudently, new opportunities to commit fraud are also introduced. The smart way to advance the digital mortgage environment is to build more fraud controls while at the same time speeding the process.”

Earlier this week, FormFree announced it is the first “designated vendor” for asset verification through the Fannie Mae Desktop Underwriter (DU) Validation Service, a component of Fannie Mae’s new Day 1 Certainty initiative, which offers lenders “enforcement relief of certain representations and warranties for validated components,” with relief specifically for asset verification effective on Dec. 10.

Chandler says the Day 1 Certainty initiative “represents the start of a new era in mortgage lending.”

“Automated asset verification is an idea whose time has finally come,” Chandler says in a separate release. “Every day, we’re reminded of the primacy of protecting borrower data. In addition, regulators have placed intense scrutiny on the processes by which lenders make their underwriting decisions.

“The announcement from Fannie Mae moves us one step closer to a fully digital mortgage transaction based entirely on data that is untouched by human hands, injecting both security and objectivity into the approve/deny decision,” he adds. “This type of lending environment not only benefits the mortgage industry, but it also creates a better lending experience for the borrower by providing a more streamlined process free of any hint of bias.”

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