ST. CLOUD, Minn., Nov. 14 /PRNewswire/ -- VMP Mortgage Forms(R) (VMP), a Bankers Systems company, announced it will provide Bankers Systems new identity verification software program to mortgage lenders. The solution called IDFlag is designed to help financial institutions prevent fraud, money laundering, and terrorist financing as well as comply with the expanded due diligence requirements of the USA PATRIOT Act. IDFlag enables lenders to perform real-time and batch verification of consumer and business application information through a quick, easy-to-use process that checks customer data against many risk-indicating databases. With the annual amount of fraud in the mortgage lending industry reaching billions of dollars, the solution provides lenders with a valuable first line of defense against frequent and costly fraud. Three key features of IDFlag set it apart from other identity verification software. First, IDFlag not only checks each customer data element individually, but also compares all of the customer data elements as a whole for a more accurate assessment of risk. For example, a phone number, address, date of birth, or social security number may be valid data individually, but together it may be mismatched or not belong to a single individual, indicating risk (e.g., date of birth may not match the social security number and name). Second, IDFlag includes detailed instructions based on Bankers Systems' knowledge and industry best practices. The information walks employees through a step-by-step process to help check identification when IDFlag indicates a higher risk situation. Finally, lenders that purchase IDFlag have all the tools they need to establish an effective Customer Identification Program (CIP), as required by Section 326 of the USA PATRIOT Act. The software program is accompanied by a Risk Assessment Matrix to help lenders establish risk-based policies and procedures and an initial supply of a New Account Procedures Check Lists that help maintain a consistent account opening process. "The mortgage industry is looking for a comprehensive, yet easy to use solution to help curb fraud losses and comply with the requirements of the USA PATRIOT Act," said Joanne Gaskin, Marketing Director for VMP Mortgage Forms. "IDFlag and the other customer identity solutions from Bankers Systems are just what the industry is looking for to combat fraud losses and facilitate compliance." VMP is a leading provider of innovative technology tools, documents, and compliance solutions for the mortgage industry. The company was acquired by Bankers Systems in February 2001. Mortgage lenders have had convenient access to Bankers Systems solutions through VMP in the past, including privacy solutions to comply with the requirements of the Gramm-Leach-Bliley Act. About VMP Mortgage Forms VMP Mortgage Forms is a division of CBF Systems, Inc., a Bankers Systems, Inc. company. VMP has been providing the mortgage lending industry and government agencies with leading-edge technology and forms solutions for more than 35 years. For more information, visit the VMP web site at www.vmpforms.com or call 800.521.7291. About Bankers Systems Established in 1952, Bankers Systems, Inc., a Wolters Kluwer Legal Tax and Business North American company, is a leading national provider of compliance resource solutions for financial institutions and their legal counsel. The company's lending, deposit, and IRA solutions are used by more than 12,000 financial institutions, including banks, credit unions, finance companies, mutual fund companies, and brokerage firms. Bankers Systems' software, documents, training, and support services help institutions be more productive, work more efficiently, and grow their businesses. For more information about Bankers Systems, call 800.552.9410 or visit www.bankerssystems.com . Bankers Systems, Inc. is a registered trademark and IDFlag is a trademark of Bankers Systems, Inc. VMP Mortgage Forms is a registered trademark of CBF Systems, Inc. Make Your Opinion Count - Click Here http://tbutton.prnewswire.com/prn/11690X00757715
SOURCE Bankers Systems, Inc.