/24-7PressRelease/ - GARDEN GROVE, CA, July 03, 2007 - The credit information provider recently added a fulfillment service that enables lenders and brokers to automatically generate paperwork mandated by the Fair and Accurate Credit and Transactions Act (FACTA), and send it to borrowers without lifting a finger. According to a company spokesman, lenders who use this service will spend more time selling their programs, and less time stuffing envelopes.
"This [FACTA fulfillment] service lets the lender or broker focus on originating and closing loans," says Tony D'Eccliss, Vice President of Sales at Informative Research. "They no longer have to deal with the tedious business of printing the documentation and posting it to the individual borrower. And they don't have to allocate valuable resources for these activities. We do it all for them, and they're able to maintain compliance without compromising profitability."
Added in 2003 to the existing Fair Credit Reporting Act, FACTA contains regulations intended to help consumers fight identity theft. It requires loan originators to provide the consumer with credit information used in connection with the home loan, including key factors affecting the potential borrower's credit score. The "Notice to Home Loan Applicant," a document explaining how the lender is using the information and how the borrower can dispute any inaccurate information, must also be sent under FACTA.
Informative Research began offering its FACTA fulfillment service following the success of a pilot program with a major wholesale lender. Acting on behalf of the lender or broker, the credit provider generates the Notice to Home Loan Applicant and the Credit Score Disclosure pages each time a credit report is ordered. Through an automated process, the necessary documents are assembled and mailed directly to the borrower by the next business day.
According to D'Eccliss, the service also has a side benefit. It provides mortgage professionals with a reconciliation report they can use to view, track and audit the number of items generated and mailed.
"The credit you need, the connections you want."
Informative Research, founded in 1946, is a leading provider of credit and mortgage-related information to the lending community. The company offers credit-reporting services, credit rescoring programs and flood determination products, as well as connectivity to a growing list of primary and secondary market lending channels. Based in Garden Grove, Calif., Informative Research continually develops new technologies and cultivates industry relationships that enable customers to minimize risk, expedite the loan process and increase profitability. For more information, call 800.473.4633, or visit
www.informativeresearch.com.
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Press Release Keywords:- broker, compliance, credit, facta, fcra, fico, fulfillment, lender, money, mortgage, wholesale
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