ProScan ID
Applicant ID Verification
First American CREDCO’s ProScan ID is a simple and reliable way
to verify a borrower’s identity to prevent mortgage application
fraud. Keying off applicant information, ProScan ID accesses
multiple data providers and sources to instantly deliver the most
accurate applicant verification data available.
Beyond standard alert products, ProScan ID delivers optimum best
match results based on advanced logic and filtering algorithms. It
recognizes and reports critical discrepancies, such as multipleissued,
invalid, stolen or deceased Social Security Numbers (SSN)
and inconsistencies between SSN, name and address. Results also
include FACT Act alerts.
ProScan OFAC
Applicant Identity Fraud and Compliance Solution
ProScan OFAC helps to ensure that your business doesn’t unknowingly aid in terrorist financing. Specifically, it’s a quick and easy way to help your business comply with the federally mandated Office of Foreign Assets Control (OFAC) screening and Customer Identification Program (CIP) requirements.
ProScan OFAC automatically checks all of your applicants against the OFAC database and, within seconds, provides an easy-to-read report detailing the results of your inquiry, regardless of whether or not there is a match. It can be conveniently accessed at any point of the workflow process, from screening and prequalification, application, and underwriting to post-close/QC and servicing.
ProScan XL
Comprehensive Applicant ID Fraud and Compliance Solution
ProScan XL helps financial institutions and mortgage professionals comply with the Office of Foreign
Assets Control (OFAC), Bank Secrecy Act (BSA) and the USA PATRIOT Act. This customizable solution
lets you check applicants against more than 25 domestic and international lists of known or suspected
terrorists and money launderers, and returns easy-to-read results with “next step” compliance information when a match is found.
Search Groups and Watch Lists
- OFAC: Compliance and screening against the OFAC lists of blocked persons and countries.
- Homefront: For Customer Identification Program (CIP) compliance, screening against domestic government lists, such as FBI lists, Terrorist Exclusion List and the Primary Laundering Concern List.
- PEPS: Politically Exposed Persons database.
- Extended: International and country-specific lists, such as the Bank of England, INTERPOL, Monetary Authority of Singapore and World Bank.
FACTA Notice: Credit Score Disclosures and Notice to Home Loan Applicants
Consumer Notifications
To help you maintain compliance with the Fair and Accurate Credit Transaction Act (FACT Act), First
American CREDCO provides a Credit Score Disclosure (CSD) to consumers in connection with an application
for a home loan. The CSD discloses the score that a consumer reporting agency distributed to users, the
lender used in connection with the loan application, and the key factors affecting their credit score. It
contains contact information of each credit reporting agency used, including the agency name, telephone
number and Web site.
Additionally, and in accordance with the FACT Act, First American CREDCO provides a Notice to Home
Loan Applicants which explains to the consumer what the CSD is and why they’re getting it. To help you
comply with these requirements, we offer a turnkey fulfillment and mailing solution that automatically
generates and mails the CSD and Notice to Home Loan Applicants with First American CREDCO’s
Instant Merge report for a small fee.
|
