DocuTech Corp., a provider of compliance services and documentation technology for the mortgage industry, today announced a partnership with Advantage Credit, a company that provides credit reporting and loan transaction services, to better guard against fraud.
The alliance between DocuTech’s ConformX and Advantage Credit’s LoanShield products provides DocuTech customers with an added layer of security when closing mortgage documents, according to the announcement. LoanShield is embedded into ConformX, a Web-based tool that accelerates the closing process through document management, which gives customers the option to use LoanShield while running their closing documents.
“This alliance can potentially save ConformX customers millions of dollars that could be lost to fraud,” said Ron Litt, president of Advantage Credit, in a statement. “LoanShield pinpoints fraud among borrowers, properties and even insiders. Having LoanShield rooted within ConformX provides (a) … fraud-control solution that cuts losses and keeps loans profitable.”
LoanShield inspects loan files against a wide array of data sources, searching for fraudulent activity such as price inflation, equity skimming, identity theft, straw buying, property flips, broker fraud, appraiser fraud and employment misrepresentation.
Ty Jenkins, founder and CEO of DocuTech Corp., said in a statement, “LoanShield enables our ConformX customers to be proactive and avert fraud before running closing mortgage documents.”
Founded in 1991, Advantage Credit International is a wholly owned subsidiary of The Adaugeo Group. The company provides credit reports and related services to about 20,000 mortgage brokers and other customers through Advantage Online.
DocuTech Corp. has provided compliance services and documentation technology for the mortgage industry since 1991. The company offers an all-in-one fulfillment center, DocXcel, which assists companies in increasing the number of compliant initial disclosures, printed and mailed, to prospective borrowers within government-mandated deadlines.