Cost & Time Delays from False Fraud Alerts

ADV Report –

Application Data Verification

Comprehensive 1003 Application Data Verification

The ADV Report is a comprehensive report identifying fraud risk factors within the mortgage loan application. Our system parses the loan file, and verifies key loan data, and returns a single concise report highlighting discrepancies between the loan application data and public records. The report covers the key verification elements required by secondary market investors, including Fannie Mae LQI, and is approved by CitiMortgage, Chase, Chase Rural, Stonegate, Trustmark, Guardian, Pacific Union, Nationstar, Republic Bank & Trust, Stearns, Texas Capital Bank, among others.

The fraud detection service accesses billions of public records to instantly verify borrower, property, and  employer company data and watch lists, providing comprehensive national coverage. The 1003 data is verified against the credit header file, utility invoices, single-family residential property records, USPS information, corporate & sole proprietor data, reverse phone and reverse address lookups, and demographic and industry sources.

Saving underwriter time

The ADV report is designed to reduce underwriter and loan processor time by improving:

Readability Lenders consistently agree that it takes less time for their underwriters to review and resolve issues with ADV versus other fraud reports.  The ADV layout and its Pass/Fail approach promotes rapid review and quick, clear results.
Transparency Based on input from leading secondary market partners, ADV uses a Pass/Fail approach to replicate that of an underwriter.  The report highlights discrepancies between loan data and public records, and an automatic process then checks for a data input mistype or alternative public data to help resolve the discrepancy.
Focus The content of the ADV family of reports has been reviewed and approved by multiple investors and does not return unnecessary and redundant information.  The ADV report can be tailored to further focus in on the verification risk test a lender requires.
False Alert Resolution Along with testing for mistyped data and alternate data, the ADV service supports options to help lenders quickly resolve false red flags quickly. Lenders can update the ADV journal directly to clear a false alert.
Application Data Validation (ADV Report Options) ADV 40 ADV120 ADV130 ADV Reconfirm
Summary Alerts & Risk Score Summary of findings, including risk score based on an overall assessment of discrepancies on loan file, with specific alerts to help focus the lender on key issues.  
Borrower Identity Verifies name, SSN, DOB, address, and phone. With the probability of identity fraud including both warning messages and helpful hints, such as possibly mistyped data.  
Property Ownership Identifies current and historic addresses used by borrower and checks for property ownership records, including a 7-year foreclosure record search.     
MERS Lien Checks MERS lien registry to help identify undisclosed liens.
Employer ID Third-party validation of employer data, including company name, address, phone, website, number of employees, and revenue, as well as a reverse phone number lookup.  
Subject Property Checks unit numbers, ownership, refinance and sale history, selling price and recording date, and identifies recent neighborhood sales and legal descriptions.  
FHFA Home Price Index Checks neighborhood Home Price Index trends since purchasing with a calculation of current estimated value based on FHFA data.     
FEMA Declared Disaster Checks for FEMA declared disasters in the subject property county.  
Excluded Party & Appraiser License Checks individuals and companies against the excluded party lists.   
AVM Returns an estimated valuation on the subject property.       
Estimated Income Based on the borrower’s job title, years on the job, location, returns, and estimated income for that position.      

CIC Credit