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Improvement To Database Reduces Risk
ChoicePoint's MARI adds License Verification of Appraisers and Realtors to National Mortgage Fraud Database
RESTON, Va. - October 9, 2007 - The Mortgage Asset Research Institute
(MARI(R)), a service of ChoicePoint(R) (NYSE: CPS), today announced the next
round of enhancements to its Mortgage Industry Data Exchange (MIDEX(R)) anti-
fraud database. MARI has now added License Verification of appraisers and
realtors to the MIDEX platform. The initial launch covers 14 states and is
expected to be expanded nationally by the end of the year.
MIDEX is the premier national database used by members of the mortgage
industry to report incidents of mortgage fraud and pre-screen the various
professionals with whom they do business.
Verifying the professional license of the appraisers and realtors involved in
real estate transactions is an important part of any lender's due diligence
process. Licensing requirements and expiration dates differ from state to
state, and the important task of realtor and appraiser license verification
can be difficult.
"We are excited about adding realtor and appraiser license verification data
to the MIDEX National Mortgage Fraud database," said Merle Sharick, vice
president and national manager of business development for MARI. "Combine
this with the other information in the MIDEX database, such as public
sanctions and disciplinary actions taken against individuals, and you have a
pretty powerful due-diligence resource. This will further make MIDEX the
'one-stop shop' for mortgage lenders to help ensure the loans they are writing
aren't tainted by unscrupulous individuals."
The initial rollout includes the 14 states with top fraud rankings in the MARI
Mortgage Fraud Case Reports: Arkansas, California, Colorado, Florida,
Georgia, Illinois, Michigan, Missouri, New York, Ohio, Oklahoma, Rhode Island,
Texas and Utah.
"Giving mortgage professionals a single source for realtor and appraiser
license verification across the nation is a massive undertaking," Sharick
said. "We wanted to roll out the service first in states that have higher
incidences of mortgage fraud."
MIDEX is a risk-management database service used by the mortgage and financial
services industries for quality control investigations and to perform
background checks on individuals and companies with whom they have current or
pending business relationships.
MIDEX is endorsed by Mortgage Bankers Association, the national trade
association representing the real estate finance industry.
MARI is a premier provider of mortgage fraud prevention solutions and
information services to the mortgage and financial services industries. For
more information, visit (MARI(R)).
About ChoicePointChoicePoint (NYSE: CPS) provides businesses, government
agencies and non-profit organizations with technology, software, information
and marketing services to help manage economic and physical risks as well as
identify business opportunities. Consumers have free access to the reports we
create at ChoiceTrust.com. Learn what we do to protect consumer privacy by
visiting PrivacyatChoicePoint.com and, for more information on our
company, go to ChoicePoint.com.
SOURCE: The Mortgage Asset Research Institute