The banking industry's largest trade group is re-upping with a company that helps banks ferret out fraud in home loans.
Business Solutions, the purchasing arm of the American Bankers Association, said Friday it has renewed an agreement with Interthinx of Agoura Hills, Calif. to offer members a service from Interthinx that assesses applications for residential mortgages automatically and verifies the authenticity of information borrowers provide.
The service can detect loan applications filled out falsely and verify applicants' names, Social Security numbers, income and other information that informs lending decisions, according to the company.
"Mortgage fraud prevention measures are essential for all stakeholders," William Kroll, president of Business Solutions, said in a news release. "Our relationship with Interthinx continues to help ABA members thwart scam artists, staying one step ahead of the ever-changing mortgage lending environment."
"We're excited to continue our relationship with ABA and provide its members with risk mitigation tools designed to help ensure data integrity and compliance," Kevin Coop, president of Interthinx, added in a news release. "It's clear the mortgage lending community is feeling pressure to integrate automated risk management systems, and Interthinx is proud to offer ABA members a complete suite of tools with specially negotiated price benefits."