Home / News / Loss Mitigation / MDA Lending Solutions Launches Fraud-Reducing Suite for Lenders
Print This Post Print This Post

MDA Lending Solutions Launches Fraud-Reducing Suite for Lenders

""MDA Lending Solutions"":http://www.mdasolutions.com, a supplier of appraisal and settlement services for lenders, has launched a suite of products to help customers satisfy Fannie Mae's Loan Quality Initiative (LQI) recommendations and reduce mortgage fraud.
[IMAGE] According to the Delaware-based company, its LoanShield suite enables clients to identify suspicious activity, protect themselves against repurchase claims, and lower the chance of mortgage fraud-related issues impacting loan performance.

""The Financial Crimes Enforcement Network reports that mortgage fraud rose 7 percent in the first half of 2010 with the vast majority being cases of old mortgages being


examined as a result of default,"" said Mike Dealy, president of MDA Lending Solutions. ""LoanShield provides all the tools lenders and servicers need to examine the accuracy and validity of a borrower's financial information being submitted for modifications, originations, or default examinations.""

LoanShield's Credit Review Report provides lenders with an automated comparison of credit ratings that includes new inquiries, new tradelines, and revolving debt increases.

The suite's Borrower Review module provides identity verification and anti-fraud screenings for social security numbers, national telephone records, and U.S. postal records.

Mortgage Electronic Registration System (MERS) data and fraud analysis are available with LoanShield Participant Review, which includes checks of Office of Foreign Assets Control (OFAC), General Services Administration (GSA), and HUD Limited Denial of Participation (LDP) listings.

Fannie Mae launched LQI to identify and implement policy, process, and technology enhancements to improve compliance with underwriting and eligibility guidelines. A primary focus of this initiative is to identify critical loan data earlier in the process and validate it throughout the course of the loan.

About Author: Heather Cernoch


Check Also

Sagent Taps Former Mr. Cooper President for Executive Chair Role

Sagent has named former Vice Chair and President of Mr. Cooper Chris Marshall as its new Executive Chair, tapped to strategize the fintech provider’s cloud-native software platform.