Kroll Factual Data, a provider of business information solutions to financial organizations has been selected by Oklahoma-based Frontier State Bank, to provide independent verification of borrower data prior to all loan closings. The Frontier State Bank primarily originates Federal Housing Administration (FHA), Fannie Mae and Freddie Mac loans.
Kroll Factual Data claimed that its economies of scale and proprietary processes allow to deliver independent verifications at a lower cost than doing the verifications with in-house resources or by assembling a set of disparate verification products.
The detailed billing and reporting that is included with the service increases traceability and transparency for Real Estate Settlement Procedures Act (RESPA) compliance. To give lenders an extra measure of protection against the risk of errors, Kroll Factual Data’s verifications are backed by representations and warrantees of accuracy.
Lenders can customize the solution to include a range of independent verifications and risk assessment analytics as required for their specific risk management program.
Lee Dean, vice president of national sales for Frontier State Bank, said: “We have seen an increase in our loan production over the past year and a half, which is mainly due to a decrease in broker production and the high demand for FHA loan products. Not only has Kroll Factual Data saved us time and money, they have solved several key issues for us and helped the bank become more profitable and efficient.”
