Mortgage lending software provider Data Facts Inc. has added new features to its fraud solution offering that empower lenders to monitor their loan partners for compliance with federal regulations.

The company’s Background Data Verifications (BDV) enhancements allow lenders to monitor third parties for compliance with regulations issued by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., as well as with investors. The CFPB’s “Know Before You Owe” initiative, in particular, requires lenders to assume responsibility for all of their partners’ compliance.

BDV alerts clients of high-risk factors in a summary report and provides email alerts if a new derogatory record is identified. Reports are automatically updated with ongoing monitoring results, and the system features journaling capability and setting service provider status.

Julie Wink, executive vice president of Data Facts, said BDV can be a one-stop solution for lenders who may need to screen hundreds of service providers.

“The BDV system provides an easy and reliable way for them to order and manage the initial background reports and ongoing monitoring results. This advanced reporting and software combination allows our lenders to easily vet, monitor and manage all of their third-party vendors,” Wink said.

BDV is powered by Pitchpoint Solutions.

Founded in 1989, Data Facts has a suite of solutions intended to advance the efficiency of the lending process, including appraisal services, fraud prevention, credit monitoring and verification services. The company also conducts webinars and publishes white papers on compliance concerns in the lending industry.

Data Facts’ partners include the National Credit Reporting Association Inc., the Mortgage Bankers Association, Ellie Mae, Calyx, SharperLending, Harland Financial Solutions and Quality Mortgage Solutions LLC.

Email Amy Swinderman.

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