Fort Worth, Texas-based ""Rapid Reporting"":http://www.RapidReporting.com, a provider of income and identity verification products for the mortgage industry, has announced that the ""Social Security Administration"":http://www.ssa.gov is now providing verification of Social Security numbers in real-time, enabling Rapid Reporting to provide nearly immediate answers to users of its ""DirectChek"":https://directchek.rapidreporting.com identity verification solution.
p{=margin-bottom: 0in}. According to Rapid Reporting, this major upgrade in turnaround time is benefiting lenders nationwide by providing them with the confidence of knowing their borrowers are legitimate, the ability to stay in compliance quickly and easily, and the capacity to provide higher client service levels—three very important components of succeeding in today’s challenging market and a new environment for lending standards.
p{=margin-bottom: 0in}. American Pacific Mortgage, a Roseville, California-based mortgage broker/banker with over 165 branch locations and licensing in 22 states, uses Rapid Reporting’s DirectChek to get real-time identity verifications on every loan originated.
p{=margin-bottom: 0in}. ""Real-time identity verification has made a definite positive impact on the way we do business,"" said the company’s COO David Mack. ""Especially in today’s market, lenders need to know that the information on which they’re basing lending decisions is accurate. Getting those answers in real-time gives us immediate confirmation that our borrowers are who they say they are. We can move forward with confidence, knowing that our loans are free from identity fraud and compliant with Red Flag Rules and industry regulation for identity verification. Plus, with these faster turn around times, we get answers right away, which in turn gives us the ability to better serve our clients. Those things are real differentiators for us, especially in this market.""
p{=margin-bottom: 0in}. DirectChek is a direct-from-the-source identity verification solution that leverages Rapid Reporting’s relationship with the Social Security Administration to provide clients with real-time, definitive answers on the accuracy of borrower-provided identity information, Rapid Reporting explained in a press statement. The Social Security Administration historically provided results in 24 hours, but now, as a result of this real-time verification, has reduced turnaround times for lenders to a matter of minutes. And the service cost is just a few dollars per loan, Rapid Reporting said.
p{=margin-bottom: 0in}. ""Real-time answers make a huge difference,"" explained Chauna Duffin, quality control advisor for a Salt Lake City-based mortgage company with branches throughout the Western United States. ""The reduced response time has changed our routine from ordering these items as early as possible in the loan process and hoping to have the information by loan closing, to having the information and knowing we’ve averted identity fraud, well before the loan even gets to underwriting. We’re much more efficient with this real-time information.""
p{=margin-bottom: 0in}. Cindy Simmons, VP of Cornerstone Mortgage Company, a full-service mortgage banker with 38 branches throughout the country, notes that real-time identity verification has had a positive impact on customer service levels at her company. ""We’re able to give our clients, realtors, and other parties involved in the loan transaction immediate information,"" she said. ""There’s no more ‘wait and see.’ We know right away if there’s a problem, and we can relay that information literally within minutes. That level of service gives us a huge competitive edge in this market.""
p{=margin-bottom: 0in}. ""With the prevalence of identity fraud in our society, as well as the evidence of its costly repercussions, it’s more important than ever that we provide our clients with the quickest, most efficient way to get the answers they need,"" said Jay Meadows, CEO of Rapid Reporting. ""The response to the Social Security Administration’s new real-time Social Security Number verification service has been overwhelmingly positive. In this market, smart lenders know that this is no time to take chances. They need every opportunity they can get to gain assurance that they’re preventing fraud. Real-time identity verification is a way for lenders to preserve their standing not only for today, but into the future as well.""