—Continuous monitoring reduces lenders’ risk of closing loans with unlicensed loan officers—
AGOURA HILLS, CA, September 10, 2008 — Interthinx® now offers 24-hour loan-originator license monitoring to help lenders ensure compliance with state legislation. The system also reduces the risk of either sanctions or costly loan repurchases due to loans closed by unlicensed originators. Interthinx continuously gathers data from each state and, after a rigorous process of data verification, offers accurate and timely information about license status and validity. Interthinx is the leading provider of proven risk mitigation, fraud detection, and regulatory compliance for the residential mortgage industry.
With quarterly audit and review summaries that show each time a license is checked, the Interthinx license monitoring system provides proof for use in internal and/or external compliance audits.
“Most mortgage companies do not have the resources to manually verify license renewals for all of their loan officers/originators, and are unaware if licenses become inactive prior to the annual reviews,” noted Connie Wilson, executive vice president of Interthinx. “If a loan officer’s license is expired or has been revoked, the mortgage company may be subject to sanctions by a state licensing agency for non compliance, or be required to repurchase a loan by the secondary market investor. Loan originator license monitoring from Interthinx provides a crucial risk mitigation tool to help prevent mortgage companies from closing loans with loan officers and originators that could cost them their business.”
More states have implemented loan officer licensing legislation. The number of states requiring loan officer licensing has increased from three states to thirty-six. “Mortgage companies need assistance with the critical responsibility of ensuring their loan officers are licensed, as well as the loan officers originating loans for their approved brokers,” stated Mike Zwerner, senior vice president of business development and marketing for Interthinx. “The authorities have stepped up enforcement actions against operations that do business with unlicensed mortgage brokers, loan officers, or loan originators. The penalties can be severe and can result in a mortgage company losing its ability to originate loans in a state or multiple states. Interthinx can significantly limit this risk with our automated and easily integrated license monitoring system for lenders.”
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)