Interthinx Provides Quality Control Compliance with Fannie Mae
Interthinx, which provides risk mitigation tools to the financial services industry, found that its fraud-risk software can help lenders comply with new quality controls rules from Fannie Mae (FNM). The government-sponsored enterprise (GSE), Fannie Mae, released a lender letter in March detailing new requirements for sellers in order to reduce loan repurchase risk. The guidelines go into effect July 1, 2010, and they have attracted several third-party companies, such as Interthinx, to provide their services to lenders. Interthinx found its FraudGuard software can automate much of the quality-control process. Gayle Shank, vice president of product development at Interthinx, said lenders must now validate borrower identity, social security numbers and undisclosed liabilites. “More than 50 alerts within FraudGUARD can help lenders comply with those requirements and reduce the potential for a repurchase request,” Shank said. Lenders using the system can scan the industry for other loans secured or the in process of being secured by the same borrower or property. “Fannie Mae’s gamechanging move establishes a new set of rules to identify and implement policy, process, and technology enhancements to mitigate repurchase risk,” said Kevin Coop, president of Interthinx. “This is a positive step for the entire industry, and Interthinx is ready to provide support to lenders as they prepare for the June 1, 2010, compliance deadline.” Write to Jon Prior.