AGOURA HILLS, CA, March 26, 2008 — Interthinx, Inc., the leading provider of proven risk mitigation, mortgage fraud prevention, and regulatory compliance tools for the mortgage industry, has announced that its PredProtect loan-level regulatory compliance solution can enable lenders to respond to regional differences in limits for “mini-jumbo” conforming loans — those between $417,000 and $729,000 — in California, Colorado, Hawaii, Maryland, New Jersey, New York, Virginia and Washington, D.C., without waiting for system enhancements or upgrades.
“With the current state of the industry, it is absolutely critical for lenders to be able to immediately respond to these new limits,” noted Roger Fendelman, Esq., vice president of compliance for Interthinx. “We wasted no time in incorporating these changes into our automated compliance tools.” The new “mini-jumbo” category was introduced to allow consumers to qualify for loans that could be purchased by Fannie Mae and Freddie Mac. However, since the limits can vary by county or metropolitan statistical abstract, lenders have been faced with challenges to make sure that this new class of loans complies with the maze of existing federal, state, and local consumer protection laws, including anti-predatory lending laws.
“Interthinx developed its innovative regulatory compliance suite to be able to quickly respond to changes in legislation,” stated Stacey Louie, senior vice president of product development and engineering for Interthinx.
“Interthinx understands the importance of doing whatever it takes to help the mortgage industry during these challenging times,” added Kevin Coop, president of Interthinx. “The recent changes to the conforming loan limits will only help consumers if lenders are able to quickly respond without violating anti-predatory lending and other fair lending laws. PredProtect is uniquely positioned to meet that need right away.”
This most recent enhancement to the PredProtect automated system has been provided at no cost to Interthinx customers.
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)