AGOURA HILLS, CA, Oct. 9, 2007 — Interthinx®, Inc., the leading provider of proven risk mitigation, mortgage fraud prevention, and regulatory compliance tools for the mortgage industry, has integrated its loan-level fraud detection system, FraudGUARD®, and its automated regulatory compliance tool, PredProtectSM with Colonial Savings and its mortgage origination divisions, Colonial National Mortgage, CU Members Mortgage, and Community Bankers Mortgage.
As a result of this integration, loans originated by Colonial Savings can be submitted to FraudGUARD for validated risk assessment and mortgage fraud detection, and to PredProtect for full regulatory compliance analysis, including federal, state, and local anti-predatory lending law reviews, all within seconds.
“Colonial Savings recognizes the need to further protect its borrowers and investors by identifying any potential mortgage fraud and regulatory-compliance violations in the applications it receives. By using the FraudGUARD and PredProtect systems, Colonial Savings will reduce exposure to fraud and ensure that it is able to keep costs as low as possible for its customers,” noted Mike Zwerner, senior vice president, Business Development and Marketing at Interthinx.
David Motley, executive vice president of Colonial Savings stated, “The use of FraudGuard will further assist Colonial Savings loan processors and underwriters in identifying potentially fraudulent activities. Right now, we’re seeing an increase in family members and straw buyers who are ‘rescuing’ borrowers facing foreclosure. We’re also seeing more fraudulent property flips and multiple undisclosed property acquisitions.”
“In addition to performing anti-predatory lending reviews in all 50 states, PredProtect ensures accurate APR and finance charge calculations, rescission periods, and much more,” said Roger Fendelman, esq., vice president of Compliance at Interthinx. “Especially in these troubling time where increased regulation and oversight is almost guaranteed, these checks will provide Colonial Savings with the added peace of mind that common mistakes will be caught before the loans are made.”
“Ultimately, Colonial Savings customers will benefit from increased protection from both fraud and regulatory compliance violations,” stated Kevin Coop, president of Interthinx.
About Colonial Savings
Founded in 1952, Colonial Savings F.A. is a national, multi-service financial institution headquartered in Fort Worth, Texas, and is one of largest servicers of mortgage loans in the United States, with a servicing portfolio of $12.7 billion. It is the parent company of Colonial National Mortgage, a leading retail and wholesale mortgage lender; CU Members Mortgage, which provides mortgage services to more than 700 credit unions nationwide; Community Bankers Mortgage, which provides mortgage services to banks across the Southwest; and Colonial Savings, a network of top-rated banks located throughout North Central Texas. It is also affiliated with Colonial Life Insurance Company of Texas and DuBose & Associates Insurance. The privately held company provides a full array of personal financial products and originated more than $2.5 billion in FHA, VA, conventional and innovative single close construction loans in 2006. It was recently awarded the 2006 Freddie Mac Tier One Hall of Fame Servicing Award for the fourth consecutive year and is one of only 15 servicers in the nation to earn the award. For more information, visit www.ColonialSavings.com.
Interthinx, Inc., an ISO business, is the nation’s leading provider of risk mitigation and regulatory compliance tools for the financial services industry. Used at every point in the mortgage lifecycle to prevent mortgage fraud, compliance violations, and to assess risk, Interthinx is relied upon by over 1400 customers, including 15 of the top 20 mortgage lenders and 3 of the top 5 largest financial institutions. With technology which earned Mortgage Technology Magazine’s prestigious 10X Award as “a diagnostic and corrective solution of the highest order,” Interthinx expertise in predictive analytics, data mining, and risk scoring sets the standard for the industry and directly increases the value of client portfolios. As part of its overall commitment to collaboration and mortgage fraud prevention, Interthinx has shared its expertise in fraud detection with the Federal Bureau of Investigation (FBI), the Department of Justice (DOJ), the Office of Thrift Supervision (OTS), the Federal Deposit Insurance Corporation (FDIC) and state agencies and local law enforcement in addition to providing major lenders with forensic reviews of loan files. Interthinx regulatory compliance tools provide automated, loan-level protection against common violations of federal, state and local laws. When used in conjunction with FraudGuard, originators receive the ultimate in loan protection. For more information, visit www.interthinx.com or call 1-800-333-4510.
ISO is a leading provider of products and services that help measure, manage, and reduce risk. ISO provides data, analytics, and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government, and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO services help customers protect people, property and financial assets.
MWW Group (for ISO)