First American CREDCO Launches the ENCORE Report at MBA's Annual Convention & Expo
12 Outubro 2009 - 12:30PM
PR Newswire (US)
- Industry's First FCRA-Compliant Mortgage Applicant and Property
Risk Report - POWAY, Calif., Oct. 12 /PRNewswire/ -- First American
CREDCO, the leading provider of credit reporting solutions to the
mortgage industry and part of First Advantage Corporation
(NASDAQ:FADV), today announced the introduction of the ENCORE
report at the Mortgage Bankers Association's 96th Annual Convention
& Expo in San Diego, Calif. Designed specifically to satisfy
today's stringent mortgage lending and documentation requirements,
ENCORE is the industry's only comprehensive consumer reporting
solution that delivers FCRA-compliant risk analysis for all
critical elements of the mortgage application and servicing
processes. The report, which delivers a 100% decisionable
360-degree risk view of the consumer and lending transaction,
features applicant credit risk, identity verification, applicant
income and employment verification, and subject property and market
data. (Logo:
http://www.newscom.com/cgi-bin/prnh/20091012/FL90458LOGO ) ENCORE
is the first in a series of customizable risk analysis solutions
powered by the company's new proprietary nd Merge (nth dimension)
Technology(TM) platform. Positioned as the mortgage industry's
next-generation solution for risk analysis, nd Merge allows First
American CREDCO to instantly access and combine thousands of data
elements into a single report. The result is a multi-dimensional
full-risk view of the consumer that goes far beyond traditional
applicant risk analysis. "Dramatic shifts in the economic
environment along with estimated annual fraud losses reaching $25
billion have forced mortgage professionals to reevaluate how
consumer and collateral data is qualified," said John Bauer,
executive vice president of business development for First American
CREDCO. "ENCORE satisfies a very timely and critical need for
accurate, reliable and thorough decisioning data that lenders and
servicers can use to quickly evaluate and help mitigate risk on
every loan transaction or portfolio." ENCORE Reporting Components
Driven by public, private and proprietary data sources, ENCORE
instantly accesses and sorts thousands of consumer data points
covering 99 percent of the population, over 100 million active
loans and more than 600 million consumer data records. In seconds,
a customizable rules-based analysis of the data is provided,
complete with recommended actions. Each report delivers
comprehensive decisioning data and analysis on the following:
ENCORE Summary: Features an at-a-glance summary of key consumer and
mortgage loan factors, such as mortgage lending activity, subject
property data, lien status and credit history of an existing or
previous mortgage loan. Includes caution alerts for identity or
property fraud and transaction data that may represent loan risk
indicators. ENCORE Property: Features property characteristics and
historical data, owner occupancy analysis, estimated value,
comparables and valuation on nearby sales in the market to
determine potential risks associated with the subject property.
ENCORE Credit: Provides applicant's credit information from all
three national credit bureaus along with public records information
and other data sources to help determine applicant credit
worthiness. ENCORE Identity: Displays Red Flag fraud and FACT Act
alerts along with key identity information, such as name, AKAs,
other related SSNs and addresses associated with an applicant to
help detect and resolve potential fraud. ENCORE Income: Verifies
inferred or stated income and employment history to help determine
if an applicant has the capacity to meet payment obligations.
"Twenty years ago, First American CREDCO revolutionized credit risk
analysis with the first Instant Merge credit reporting solution,"
continued Bauer. "ENCORE is the next generation in consumer
reporting that takes complex decisioning data and instantly
delivers it in an easy-to-read, intuitive format that significantly
simplifies the way mortgage professionals evaluate risk." nd Merge
(nth dimension) Technology In development since early 2007, nd
Merge Technology is an FCRA-compliant, fully scalable data merge
technology platform that collects, sorts and organizes data from
thousands of data sources in seconds. The proprietary data
technology, along with expansive consumer and business information,
is leveraged against proven data collection and reporting methods
to deliver highly customizable reporting solutions. First American
CREDCO provides one out of every two credit reports to the mortgage
industry. For more information about ENCORE and First American
CREDCO's proprietary nd Merge Technology, visit booth #211 at this
year's MBA Convention & Expo, call 800.255.0792 or visit
encore.credco.com. About First American CREDCO First American
CREDCO, a division of First Advantage CREDCO, LLC, a wholly-owned
subsidiary of First Advantage Corporation, is the nation's number
one provider of merged credit reports, processing one out of every
two credit reports ordered in the mortgage industry. The division
proudly serves a broad range of lending and retail markets with a
variety of business information products and services. More
information about First American CREDCO can be found at
http://www.credco.com/. About First Advantage Corporation First
Advantage Corporation (NASDAQ:FADV) combines industry expertise
with information to create products and services that organizations
worldwide use to make smarter business decisions. First Advantage
is a leading provider of consumer credit information in the
mortgage, automotive, payday lending and specialty finance
industries; business credit information in the transportation
industry; lead generation services; motor vehicle record reports;
employment background verifications; occupational health services;
applicant tracking systems; recruiting solutions; skills and
behavioral assessments; business tax consulting services; corporate
and litigation investigations; computer forensics; electronic
discovery; data recovery; due diligence reporting; resident
screening; property management software and renters insurance.
First Advantage ranks among the top companies in all of its major
business lines. First Advantage is headquartered in Poway, Calif.
and has offices throughout the United States and abroad. More
information about First Advantage can be found at
http://www.fadv.com/. First Advantage is a majority-owned
subsidiary of The First American Corporation (NYSE:FAF), a FORTUNE
500® company that traces its history to 1889. First American is
America's largest provider of business information, supplying
businesses and consumers with valuable information products to
support the major economic events of people's lives. Additional
information about the First American Family of Companies can be
found at http://www.firstam.com/.
http://www.newscom.com/cgi-bin/prnh/20091012/FL90458LOGO
DATASOURCE: First American CREDCO CONTACT: David Woodruff, Creative
Manager, First American CREDCO, +1-619-938-6809, Web Site:
http://www.credco.com/
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