Guaranteed Home Mortgage Company, Inc. (Guaranteed, www.ghmc.com), a national residential mortgage investment and banking firm, today announced the implementation of a new program to help its branches prevent fraud from prospective borrowers.
The program consists of a series of tools, techniques and procedures to confirm identities, verify asset value and tax filings, and utilize fraud profiles -- all designed to supplement the company's continuing emphasis on "zero tolerance" for any errors in compliance and documentation requirements.
David Wind, President of Guaranteed Home Mortgage Company, said, "Our new fraud program will protect our branches from applicant errors as well as intentional misrepresentations. Our mantra of zero tolerance assists residential loan applicants, too, by assuring first-time approval of loans in compliance with the most recent, and stringent, mortgage-loan regulations."
Wind went on to describe some of the components of the fraud program. Every appraisal is subject to review through an automated valuation model (AVM); tax verifications through the IRS are conducted on every loan; multiple ID forms are completed for all prospective borrowers; and a vendor web site evaluates applicants' incomes in relation to their industry.
Other steps include visiting an HUD web site for background checks prior to submissions for an FHA loan, and the use of an industry system to evaluate the risk factors for transactions.
Guaranteed Home Mortgage Company also applies a very high standard for its branches. In-depth background checks are conducted on new Guaranteed employees through Lexis, and all branch managers must complete an online web course titled "Fraud and Deterrence."
Wind concluded, "There's a reason why we've been in business over 15 years in a highly competitive industry. Delivering value through proactive programs and the finest support services makes our organization the gold standard for everyone else in the field."
