Loan Risk Report (ADV-120)
The Loan Risk Report from Advantage Credit, powered by PitchPoint’s Application Data Verification (ADV) reports, provides a series of customizable verifications focused on three main categories: Borrower, Participant, and Property Data.
Highlights
- These reports shield lenders from fraud and undiscovered applicant misrepresentation.
- Featuring robust integrations with the most popular loan origination systems and credit ordering platforms.
- ADV creates operational efficiencies for lenders through focused reporting while providing technology-based solutions for all the lender’s needs.
Benefits
- Package is customizable to meet lender and investor requirements.
- Pass/Fail indicators simplify the review process.
- Risk Score model can be tailored to lenders’ needs.
- Data elements may be refreshed prior to closing with no time limitations or additional cost.
- Alert clearing occurs within LOS, creating operational time savings.
Borrower:
- Borrower Identity – Verification of Name, SSN, Date of Birth, Address and Phone. Identifies probability of identity fraud with warning messages and hints of potential miskeyed data.
- Civil Court Search – Robust reporting of national bankruptcy, lien and judgment data, helps lenders detect unpaid and historical consumer debts.
- Employer ID – Verification of Employer, Name, Address, Phone, Website, Number of Employees, Revenue and Reverse Telephone Lookup. Third party validation of key employer information to help determine existence of employer.
Participants:
- Proprietary filtering and matching logic are used to provide the highest level of accuracy as each loan participant is verified against thousands of excluded party records.
- Names of individuals and companies are checked against excluded party records.
- No manual key entry needed with integrated LOS or loan file import.
- Lenders can search up to 22 watchlists, including GSE required lists, investor-specific lists, and custom lists.
- Excluded Party/Appraiser License – Check of Indvidual Against OFAC, EPLS, HUD and More. Alerts of potential “do not do business with” situations based upon governmental, GSE and lender requirements.
Property Data:
- Address History/Property Ownership – Identification of Current and Historic Addresses. Uncovers potential risk of multiple primary residences and checks property ownership records to view real estate owned.
- Subject Proerty – Check of Unity Numbers, Ownership, Refinance History, Selling Process, Recording Date, Comparables and Property Legal Description. Discovers potential misrepresentations in property value and use.
- FHFA Home Price Index – Federal Housing Finance Agency Home Price Index Data. Calculates current estimated property value based upon original value vs. neighborhood trends.
- FEMA Declared Disaster – Check of Federal Emergency Management Agency Database. Discloses declared disasters in the subject property count broken down by last 120 days and last 24 months.
- MERS Lien – Check Against Lien Registry. Aids in identification of undisclosed loans.