Technology

Fraud solution software empowers lenders to monitor loan partners

Data Facts solution allows lenders to monitor third-party vendors for federal reg compliance

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...