Flagstar Bank Integrates Interthinx(TM) DISSCO(TM) and ValVerify(SM) as Front End Fraud Detection and Prevention System; System Enhances Fraud Detection and Streamlines Underwriting Process.AGOURA HILLS, Calif. -- Flagstar Bank Flagstar Bancorp, Inc. (NYSE: FBC) operates as the holding company for Flagstar Bank, a federally chartered stock savings bank. Flagstar is the largest publicly traded savings bank headquartered in the midwest United States. , a leading mortgage lender and national leader in the wholesale mortgage business, has integrated fraud prevention tools from Interthinx(TM), the leading provider of comprehensive fraud prevention and decision support tools for the mortgage industry and an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. business. Interthinx products DISSCO DISSCO Data Integrity Search and Score (fraud detection) (TM) and ValVerify(SM) will serve as the leading components of the Flagstar Bank mortgage fraud prevention system. "Integrating the DISSCO and ValVerify fraud detection tools moves us closer to our goal of providing an ultra fast underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. decision while simultaneously enhancing our fraud detection capabilities," said Marni Scott, senior vice president of underwriting at Flagstar Bancorp. "The integration allows us to seamlessly capture the DISSCO and Value Verify red flag alerts and data directly into our system at the time underwriters are reviewing the loan files. That helps us streamline the overall process of ensuring a quality loan. Plus, for our wholesale customers, Flagstar now offers additional protection from fraudulent transactions and the repurchase risk associated with fraudulent transactions," Scott said. DISSCO is an electronic fraud-prevention tool designed to reduce the risk associated with mortgage lending due to fraud. It can instantly search hundreds of mortgage-related data fields in a loan record to identify and score the kinds of misinformation mis·in·form tr.v. mis·in·formed, mis·in·form·ing, mis·in·forms To provide with incorrect information. mis , inaccuracies and inconsistencies that could signal fraud. DISSCO then produces a detailed report with step-by-step recommendations for lenders on how to respond. ValVerify utilizes the most comprehensive data set in the industry, including property characteristics, borrower data, employer information and other critical elements to produce a reliable and comprehensive property score for valuation and flip analysis. "Flagstar is an outstanding example of how the mortgage industry is poised to unravel fraud schemes by empowering all participants to identify and respond to red flags produced by automated fraud detection," said Kevin Coop, president of Interthinx. "Combining DISSCO and ValVerify as an integrated value solution enables Flagstar to help its lenders protect themselves by reconfirming a property's collateral value and its risk potential." About Flagstar Bancorp Flagstar Bancorp, which has $15.2 billion in total assets, is the largest publicly held savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. headquartered in the Midwest. Flagstar operates 146 banking centers throughout southern Michigan Southern Michigan is a region in the Lower Peninsula of the U.S. state of Michigan. It is a region of rolling farmland and scattered urban centers. Southern Michigan is commonly considered to be the area west of the Southeast Michigan area and east of Battle Creek, consisting of , Indiana and Georgia. Flagstar also operates home loan centers across the country. Flagstar Bank is one of the nation's leading originators of residential mortgage loans. For more information, please visit www.flagstar.com. About Interthinx Interthinx is the nation's leading provider of automated fraud protection, compliance and decision support tools for the mortgage industry. Used by 15 of the top 20 lenders, Interthinx combines its National Fraud Protection Database (NFPD NFPD Nuclear Fuel Production Division ) along with advanced technology and data collection to offer the most comprehensive fraud detection system available. Interthinx helps to bridge the gaps left by traditional manual fraud detection by enabling the increase of front-end efficiencies while improving quality control and profitability. Its multi-faceted approach to risk management includes innovative training programs designed for greater retention and immediate results. More than 1100 customers rely on Interthinx, an ISO business, for automated scientifically-based solutions, historical analysis and consistent data collection. For more information, visit www.interthinx.com or call 800-333-4510. About ISO ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services health services Managed care The benefits covered under a health contract , government and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . Clients use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO services help customers protect people, property and financial assets Financial assets Claims on real assets. . For more information, please visit www.iso.com. |
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