Rapid Reporting Releases Verification of Deposit Service

Fort Worth, Texas -based Rapid Reporting announced on Monday that has launched AccountChek, an electronic verification of deposit service that helps lenders, brokers and servicers detect financial account misrepresentations and prevent mortgage fraud, according to a press release.

The AccountChek service leverages direct access to more than 10,000 financial institutions, including insurance and investment firms, to confirm the accuracy of borrower-provided account information, the vendor says. The service also automatically analyzes accounts for indicators of potential mortgage fraud.

Data provided by the service is transferred electronically under a highly secure methodology to ensure that information is free from human tampering, Rapid Reporting asserts. Results are provided in real time, and are accompanied by a report that provides all of the most critical information up front, including red flags.

"The ability to verify a borrower's bank account information can make a huge impact on whether or not that borrower is qualified for a mortgage, and it's also one of the four prominent areas of misrepresentation on mortgage applications," Jay Meadows, CEO of Rapid Reporting, said in the press release. "Verifying bank account information ensures that borrowers are being evaluated on actual cash reserves, which are especially important in a climate of record unemployment rates. There's also the issue of verifying that all deposits are seasoned, that account ownership is confirmed, that there is no suspicious activity or 'gift money' at play, and that no account is being used on multiple applications. AccountChek covers all of those issues electronically, which significantly reduces the chances of insider tampering or data entry errors that can lead to a costly problem or buyback in the future."