American Banker (04/02/08) P. 17; Berry, Kate
Lender Technologies Corp. hopes to develop a national fraud database that encourages information-sharing by mortgage lenders to guard against fraudulent transactions. The for-profit subsidiary of the Mortgage Bankers Association currently is seeking proposals from vendors to develop the project, which MBA senior director of government affairs Corey Carlisle says would be more comprehensive than existing fraud databases in that it aims to stop fraud during origination. According to attorney Rachel Dollar, CMB, of Santa Rosa, Calif.-based Smith Dollar PC, "The MBA database is designed to track information from all lenders so they can see in real time whether or not another lender is originating a loan to the same borrower."
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