ST. LOUIS--(BUSINESS WIRE)--DataVerify®, a leading provider of workflow solutions, data verification, and risk mitigation services to the mortgage industry, announced today it has agreed to an association with Dytrix, Inc. to offer wire validation and counterparty risk mitigation services to its valued lender clients.
“Lenders today are facing significant risks posed by wire fraud and counterparty risk in an increasingly rapid paced virtual and digital lending environment,” said DataVerify president Brad Bogel. “Wire fraud risk is chief among those risks and demands that lenders need to accurately verify and validate third parties and accounts involved in the settlement closing process. That’s why at DataVerify, we are proud to be able to offer lender clients the ability to have a synergistic solution at Dytrix.”
DataVerify is now able to direct clients to a workflow solution at Dytrix where Dytrix helps lenders to ensure a safe closing transaction while meeting Know Your Counterparty/Vendor requirements. These advantages together with the added flexibility and automated approach this solution can help to lower lender loan fulfillment costs. At Dytrix, the lender’s balance sheet is protected through a process where closing agent identity is authenticated and wiring information is validated by Dytrix to prevent losses due to wire fraud, while at the same time optimizing the loan manufacturing process.
“We are excited about this opportunity to work with DataVerify,” said Dytrix CEO Regina M. Lowrie. “Working with a risk mitigation and automation leader in the mortgage lending industry is an opportunity to offer our clients as well as their clients more assurance throughout the process as it relates to quality control and fraud prevention. It also offers lenders more options for automation throughout their process to help speed up cycle times which in turn benefits their borrowers. It’s an all-around win scenario.”
DataVerify is a premier provider of workflow solutions, risk mitigation, and data validation solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow solutions. Our highly responsive platform empowers lenders through an engine that helps to identify and measure potential threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.
Dytrix is a fintech company providing identity authentication, qualification, and transaction validation services to leading mortgage bankers, lenders, and other parties making loans and other high value electronic transactions. The company’s SOC compliant, secure platform and supporting services are uniquely configured to client risk management requirements enabling clients to achieve significantly lower fulfillment costs.