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
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
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.