Home / Headlines / LoanLogics Introduces Time-Saving Signature Audit Tool
Print This Post Print This Post

LoanLogics Introduces Time-Saving Signature Audit Tool

LoanLogics SignaFacts Signature AuditPennsylvania-based loan risk management firm LoanLogics has announced the introduction of a new signature examination tool that will make it easier to audit signatures contained in loan documents.

The new technology, called SignaFacts, is part of LoanLogics' LoanHD platform and is the industry's first fully automated signature clipping tool. SignaFacts evaluates the signatures on many types of documents, including the good faith estimate, truth in lending disclosure, mortgage note, deed of trust, and HUD endorsement.

"Because of this enhancement, the actual signatures can be audited, and when there are dissimilar signatures, it will be readily apparent. Until now, underwriters and auditors did not have a reliable method to quickly and easily inspect signatures side-by-side, which presented quality control issues for mortgage lenders," said Craig Riddell, SVP and Chief Business Officer for LoanLogics. "This innovation in a pre-close audit helps identify potentially fraudulent signatures before the loan is closed, and in the process, protects borrowers and lenders. Additionally, we have spent considerable time with industry leading Correspondent lenders who are confident that SignaFacts will be a very valuable feature in further reducing the costs of their pre-funding audits."

SignaFacts provides visual validation of execution and allows for the easy comparison of signatures, ensuring that lenders will no longer have to sort through hundreds of pages of loan file documents to audit those signatures. Saving time and resources in the audit process has become even more critical as new regulations and heightened scrutiny have caused an increase in the number of documents necessary to complete a loan, stretching staffs thinner.

"File size and resource issues have made it more challenging than ever to detect signature fraud, while regulatory penalties and reputational damage make it a necessity," Riddell said. "Lenders can now take steps to protect themselves using an interactive tool to confirm execution and view a side-by-side comparison of signatures. That’s what SignaFacts provides to clients—helping them guard against being the unwitting victim of fraud and quickly identify patterns and root causes of signature anomalies."

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
x

Check Also

Federal Reserve Holds Rates Steady Moving Into the New Year

The Federal Reserve’s Federal Open Market Committee again chose that no action is better than changing rates as the economy begins to stabilize.