First American Adds Mortgage Borrower Social Security Number Verification
First American CREDCO, the Poway, Calif.-based subsidiary of The First American Corp. (FAF), added Social Security Number (SSN) verification to its fraud and compliance software suite for mortgage lenders. The product, ProScan SSN, verifies mortgage applicant name, date of birth and SSN online through the Social Security Administration (SSA) office. CREDCO platform users upload the signed and dated consent form, enter the correspondent applicant information and instantly receive verification from the SSA whether the information provided matches the SSN data on file. By merging SSN verification with CREDCO's fraud and compliance suite, mortgage lenders and brokers can simultaneously receive credit data and SSN information, the company said. “With the increased scrutiny on the timeliness and quality of reliable loans, we are pleased to introduce this fully automated SSN verification solution to help streamline the lending process,” said John Bauer, First American CREDCO executive vice president of business development, in a statement e-mailed to HousingWire. Bauer added: “As part of our overall suite of fraud and compliance solutions, ProScan SSN delivers a convenient, reliable method for obtaining instant match results on an applicant’s social security number.” The product is also available through First American CREDCO's sister company, CredStar, where it is called SSN Confirm. The mortgage finance industry in fall of 2009 prepared for a plan by the SSA to raise its per-verification fee to $5.00 from $0.56 for verifying mortgage borrowers’ identities. The fee hike took place October 1, despite industry criticism it could discourage lenders from using the Social Security Number Verification Service (SSNVS) -- thereby possibly inviting mortgage fraud. Write to Diana Golobay. Disclosure: The author holds no relevant investment positions.