LendingQB and PitchPoint Solutions Integrate to Mitigate Wire Transfer Fraud Among Lenders
COSTA MESA, Calif. — LendingQB, a provider of SaaS loan origination technology solutions, has partnered with PitchPoint Solutions, a national provider of comprehensive fraud detection and verification services, to provide lenders stronger tools to protect against wire transfer fraud.
Through this integration, customers of LendingQB have access to PitchPoint’s Bank Account Verification and Settlement Agent Vetting tools. Bank Account Verification verifies an account holder’s name, routing number and account number via a secure financial network, while Settlement Agent Report vets the settlement company to ensure it is in good standing and our clients are compliant with CFPB and investor requirements.
This integration helps lenders deal with increasing levels of wire fraud, which increased 480% last year, totaling more than $748 million in losses. The partnership also enables lenders to comply with Fannie Mae and CFPB recommendations announced in bulletins encouraging lenders to “confirm before you fund”.
“Ensuring comprehensive fraud detection and verification services remain our top priority, especially in an environment where hackers are growing more sophisticated by the day,” said Ron Hughes, SVP, Business Development, of PitchPoint Solutions. “Our partnership with LendingQB enables rapid and secure verification of wire instructions protecting lenders from hackers and reducing the risk of profit loss.”
"LendingQB has always held a strong focus on cybersecurity. In an era of the ever-increasing volume of cyber-related crimes, there can never be enough precautions for financial data," said Tim Ngyuen, president of LendingQB. "Our Partnership with PitchPoint reaffirms our commitment to the importance of data security and extends it to our valued lenders. PitchPoint's fraud detection tool doesn't just detect fraud, it offers our lenders peace-of-mind."
About PitchPoint Solutions
PitchPoint Solutions is a national provider of comprehensive fraud detection and verification services in the financial industries specializing in mortgage loan risk detection. With more than a decade of experience in customizable risk evaluation technology and processing, PitchPoint Solutions’ heuristic/rule-based data collation, analysis and Expert Services stamps out 99% of false fraud alerts to dramatically improve underwriting productivity.
LendingQB is a provider of Lean Lending solutions. The Lean Lending solution consists of a 100 percent web browser-based, end-to-end mortgage loan origination system, best of breed integrations with key industry partners and 'adoptimization' services that result in faster cycle times and lower costs per loan. For more information, please call 888.285.3912 or visit www.lendingqb.com.