Riverside Residential Lending Selects Rapid Reporting Verification Products; Residential Lending Company Uses ID Product on Every Loan.

Business Editors

FT. WORTH, Texas--(BUSINESS WIRE)--Feb. 2, 2004

Riverside Residential Lending, a wholly owned subsidiary of Riverside Bank headquartered in Marietta, Ga., selected Rapid Reporting's identity and income verification products to reduce the risk of mortgage fraud. Rapid Reporting's DirectChek and IncomeChek are online products used by mortgage lenders that provide an efficient and cost effective means to verify a borrower's income and identity at the beginning of the loan application process.

"We discovered Rapid Reporting through one of our correspondent lenders who uses the company's products," said Senior Vice President of Riverside Residential Lending Deborah James. "We noticed a form in the lender's paperwork that verified Social Security numbers with the Social Security Administration and immediately became interested."

Prior to selecting Rapid Reporting's products, Riverside Residential Lending used other verification services provided by the credit bureaus. "The credit bureau information fell short of what we needed to truly identify borrowers," James said. "In the past when we received an alert from the credit bureau stating that the Social Security number might be a mismatch, all we could do was question the borrower and get proper identification from the individual to try and verify the information. We were unable to determine how to take the matter any further until we discovered Rapid Reporting. Rapid Reporting receives its information directly from the Social Security Administration to verify that the borrower is who he says he is; the company doesn't use third party information like the credit bureaus. You can't get any better than that."

Rapid Reporting developed IncomeChek and DirectChek through relationships with the Internal Revenue Service (IRS) and the Social Security Administration (SSA). The company demonstrated to the IRS the need to take income verification from a post-funding tool to a pre-funding tool to help decrease the occurrences of fraud. Rapid Reporting has become a recognized leader in verifying income within 24 to 48 hours because of its unique arrangement as communicator and facilitator of needs, concerns and solutions between the agency and the mortgage industry. It also became the first private company to form a relationship with the SSA for identity verification purposes. The relationship allows Rapid Reporting to submit borrower information that is compared to the SSA database resulting in a match or no match.

Riverside Residential Lending currently uses DirectChek on every prospective loan and uses IncomeChek on self-employed individuals and borrowers whose income is based on 25 percent or more commission.

"We applaud Riverside Residential Lending's commitment to fight mortgage fraud," said Jay Meadows, CEO and President of Rapid Reporting. "Using DirectChek on every loan sends a clear message that Riverside Residential is tough on fraud and is doing everything in its power to prevent it. The reward for implementing these measures will be reflected as higher quality loans with a positive impact on the bottom line."

DirectChek, which meets USA Patriot Act compliance, and IncomeChek operate over a secure, Intranet, Web-based portal used by mortgage lenders. It relies on Rapid Reporting's proprietary document management systems and technology development department. The company's open architecture platform enables software application customization to meet individual client needs.

About Riverside Residential Lending

Riverside Residential Lending, Inc. led by President Derek Watkins, is a wholly owned subsidiary of Riverside Bank of Marietta, Ga. Headquartered in Duluth, Georgia at 3063 Peachtree Industrial Boulevard, Riverside Residential Lending operates six production offices located throughout the state. The company offers an entire range of loan options including VA, FHA, conventional and construction loans. Riverside Residential Lending's Rapid Response program allows individuals to get final loan approval in one hour and close within a week. Its Lock & Look program is designed to allow individuals to lock in a loan when rates are low and continue to look for a new home.

For more information, visit the company's Web site at www.riversideresidential.net or contact Derek Watkins at 770-495-0990 or Deborah James at 478-953-5460.

About Rapid Reporting

Founded in 1998 and headquartered in Ft. Worth, Texas, Rapid Reporting Verification Company is a national provider of pre-funding income and identity verification products for mortgage lenders to help combat fraud. The company's core offerings are IncomeChek, which is used to verify income, and DirectChek, which meets USA Patriot Act compliance and is used to verify identity. The products operate over a secure, Intranet, Web-based portal, which is audited for security purposes daily. IncomeChek and DirectChek are used by mortgage lenders and provide an efficient and cost effective means to identify a borrower at the beginning of the loan application process.

Rapid Reporting formed and continues to build relationships with government agencies, such as the Internal Revenue Service (IRS) and the Social Security Administration (SSA), to gather electronic data for verification purposes.

For additional information, write Rapid Reporting at 6628 Bryant Irvin Rd, Suite 200, Ft. Worth, Texas 76132 or contact the sales department at [e-mail] or 888.749.4411. Visit its Website at www.rapidreporting.com.