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Special Reports
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Dynatek Integrates VMP Fraud Solution
By Rick Grant
Dynatek Inc., Livonia, Mich., will integrate customer identification and reporting
capabilities from VMP Fraud Management Solutions into its loan origination system, MORvision. A product of VMP
Mortgage Solutions here, a Bankers Systems company, VMP Fraud Management Solutions are provided through Bankers
Systems' Patriot Act Connection (PAC) and are designed to help mortgage lending institutions prevent fraud, money
laundering and terrorist financing while complying with the expanded due diligence requirements of the USA Patriot
Act.
The integration will be made possible using Dynatek's Plug-In technology that
provides for a seamless interface from MORvision to the PAC.
"Dynatek is pleased to expand our existing relationship with VMP to offer
this critical service to our customers," said Jack D. Luhtanen, president and CEO of Dynatek. "With just
a few mouse clicks, the new Plug-In will offer MORvision users a streamlined process to automate the identity verification
request and return a report that will be attached to the loan file."
The PAC links directly to a suite of identity verification tools such as IDFlag
for Mortgage, which enables lenders to verify consumer and business application information through a quick and
easy-to-use process.
Three key features of IDFlag for Mortgage set it apart from most other identity
verification software. First, IDFlag for Mortgage not only validates each customer data element individually, but
also verifies all of the customer data elements as a whole. 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). IDFlag
for Mortgage has access to more than 17 billion aggregated records to provide lenders with accurate, reliable risk
results
Second, companies using IDFlag for Mortgage have unlimited access to Office of
Foreign Assets Control (OFAC) checks. The system accommodates batch searches, as well as the ability to incorporate
OFAC screening into the identity verification process. In the case of a positive OFAC check, IDFlag for Mortgage
will soon be integrated with the Treasury Department's online reporting system, which will allow a suspicious activity
report (SAR) to be completed more quickly and conveniently. In addition, the tool provides help text to walk employees
through a step-by-step process when a high-risk situation is detected.
Finally, lenders that purchase IDFlag for Mortgage have the tools they need to
establish an effective Customer Identification Program (CIP), as required by Section 326 of the USA Patriot Act.
The integration of IDFlag for Mortgage into the MORvision loan origination system eliminates redundant data entry
and streamlines the inclusion of additional steps in the lending process required by the USA Patriot Act.
"Dynatek was looking for a comprehensive, yet easy-to-use solution to integrate
into MORvision for its customers to help curb fraud losses and comply with the requirements of the USA Patriot
Act," said Joanne Gaskin, director of marketing for VMP and Bankers Systems' mortgage business unit.
"IDFlag for Mortgage and the other customer identity solutions from Bankers
Systems are just what they were looking for."
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