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April 03, 2014

LOAN SERVICING SOFT INC., Now Filtering Out Fraud for Real Time Loan Transactions with BuyerID Index & ProScan

FOR IMMEDIATE RELEASE

April 3, 2014 - SAN JUAN CAPISTRANO, Calif. – LOAN SERVICING SOFT INC., the best of breed lending LOS and Loan Servicing System now supports BuyerID Index and ProScan fraud screening.

“We are very excited about these new fraud screening enhancements.”, said John Balas, Senior Engineer at LOAN SERVICING SOFT. “This new functionality should be very appealing to our retail consumer space end users, specifically auto lenders and such.”, he continued.

BuyerID Index adds an additional layer of processes during the application, credit pull and decision process. In addition to just pulling the borrower’s credit this process verifies that the potential borrower is who they say they are. This is achieved by verifying certain loan application information points against the potential borrower’s credit data and other data sources. Information points such as phone number and monthly mortgage amount are examples of the information that can be used.

ProScan OFAC automatically checks an applicant against the Office of Foreign Assets Control (OFAC) database and, within seconds, returns easy-to-review results. Optimum best match results are delivered based on an advanced matching algorithm that recognizes misspellings, alternate foreign spellings, typographical errors and abbreviations. ProScan OFAC can assist you with Customer Identification Program (CIP) compliance efforts. Part of the USA PATRIOT Act, CIP requires businesses to form a reasonable belief as to the true identity of each of their customers and screen them against government watch lists, such as those maintained by OFAC. ProScan OFAC helps satisfy this requirement, guarding against money laundering and terrorist financing as well as protecting you from risks associated with non-compliance.

About LOAN SERVICING SOFT INC:

LOAN SERVICING SOFT INC., is a privately held company based in San Juan Capistrano, CA. Since 1983 the makers of LOAN SERVICING SOFT have provided lenders and loan servicers with high-quality lending and loan servicing software solutions for managing their loan portfolios. LOAN SERVICING SOFT is used by a growing number of financial organizations all around the world. For more information, visit www.loanservicingsoft.com

FOR ADDITIONAL INFORMATION CONTACT:

LOAN SERVICING SOFT Sales Group

1-800-993-1839

sales@loanservicingsoft.com


For more information please contact us at 1-800-993-1839 or info@loanservicingsoft.com

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