AGOURA HILLS, CA, April 3, 2008 — Interthinx, Inc., the leading provider of proven risk mitigation and regulatory compliance tools for the mortgage industry, has been selected by iFreedom Direct Corporation to perform automated high cost and covered loan reviews during the loan origination process. Interthinx was chosen to ensure loans are in compliance with various consumer protection laws including all federal, state and local anti-predatory lending requirements.
iFreedom Direct, a leader in the mortgage industry since 1985, provides loans for purchase, refinance, and FHA/VA streamline — from zero down payment to low credit score loans. “We implemented Harland’s Interlinq E3 loan origination system and did not want to write and maintain a loan testing program. So we selected an Interthinx solution which is compliant with all regulations and provides a seamless interface to our users,” stated Becky Hersh, vice president of quality control for iFreedom. “Interthinx was flexible and highly responsive to our various system requirements. Their integration team also demonstrated extensive knowledge of laws governing state and federal testing requirements, providing yet another level of assurance during the integration process.”
PredProtectSM from Interthinx is a feature-rich automated compliance solution, updated with every federal, state and local predatory lending law and many consumer loan laws. Within seconds, the system automatically compares individual loan data to applicable laws, warning end-users of rate and fee threshold violations, federal Truth-In-Lending Act violations, state consumer loan laws failures, and much more.
”Many executives don’t realize the extent to which compliance violations impact profitability,” added Roger Fendelman, Esq., vice president of Compliance for Interthinx. “Throughout the greater part of this decade, Interthinx has proven that the use of PredProtect dramatically reduces exposure to costly loan buybacks, borrower reimbursements and license examination failures, all of which are a drag on extremely tight profit margins. The unique strength of PredProtect automation through the Harland loan origination system lies in its ability to perform instant compliance reviews on every loan without disrupting the origination process.”
Interthinx, Inc., an ISO business, is the nation’s leading provider of proven 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 more than 1,100 customers, including 15 of the top 20 mortgage lenders and three of the top five largest financial institutions. With technology that 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. For more information, visit www.interthinx.com or call 1-800-333-4510.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets.
MWW Group (for ISO)