New addition helps protect lenders from wire transfer fraud
QuestSoft Corporation, an automated mortgage compliance software provider, has added ALTA Registry’s online database of underwriter-confirmed title agent companies, real estate attorneys, and underwriter direct offices to its list of Compliance EAGLE subscription services.
The new ALTA Registry addition will help lenders confirm information on title agents, underwriters, and real estate attorneys through a quick check on the Compliance EAGLE service. In turn, this lessens the risk of wire transfer fraud, which has been growing noticeably of late.
The service also assists in the closing process, helping lenders, as well as their vendors, title agents, underwriters and other participants, to easily identify each other and communicate in real time throughout the mortgage transaction.
“The ALTA Registry identifies a title vendor with unprecedented accuracy and is a great fit for real-time mortgage compliance,” said QuestSoft President Leonard Ryan. “This makes our results more accurate and further automates the range of verification checks Compliance EAGLE provides lenders. The ALTA Registry includes a unique ID that allows us and our lender customers to identify a title vendor without relying upon antiquated processes while at the same time solving decades old verification headaches.”
Through ALTA ID, the ALTA Registry automatically assigns a unique seven-digit identifier to each new database record as a permanent ID number used across the industry – matching provider records in different databases. According to QuestSoft, the lack of communication between the title industry and its customers can affect compliance and vendor oversight requirements, as well as the need for collaboration throughout the transaction.
“Compliance EAGLE relies upon good, clean data to provide lenders with pre-closing checks on TILA, QM, RESPA, exclusionary list, fraud reviews, and other critical regulations. The ALTA Registry enhances this by ensuring that a title vendor's title insurance underwriters have confirmed their individual information before it is published in the ALTA Registry,” said Ryan.
