Bankers Systems and VMP Mortgage Forms Take Identity Verification Technology To Mortgage Lenders

IDFlag(TM) Will Help Mortgage Lenders Reduce Fraud and Comply With

Requirements of the USA PATRIOT Act

Nov 14, 2002, 00:00 ET from Bankers Systems, Inc.

    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
     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 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 .
     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.
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SOURCE Bankers Systems, Inc.