License Verification: A Necessary Tool in Fighting Mortgage Fraud
License verification is one essential step that can be taken to help prevent mortgage fraud. Mortgage fraud can occur when a party involved in a mortgage transaction is dishonest in regards to their business or professional license. Without the proper licensing, a party may not be qualified to participate in the transaction.
Verify All Parties
Before entering into a mortgage, realtor, or appraisal-based transaction, it is important to
help protect your business by conducting a thorough license verification of all involved
parties. A license verification is an efficient, convenient and effective way to
obtain professional license verification on third parties involved in mortgage or related financial
transactions. A typical license verification process involves accessing data provided by numerous
federal and state mortgage regulators. These verifications can effectively check for a proper
professional license of a given party by verifying such information as the company or individual's
name, registered address, business location, along with taking actions to verify professional
license numbers and check license expiration dates.
Online Continuous Monitoring
Due to improvements in technology, most license verification database systems now verify professional
licenses via an online program. Using an online license verification program, one can check
a professional license either individually or in a batch. Online license verification systems
can search either one or numerous license verification sources with just one click. These license
verification sources are regularly updated to reflect any recent changes in information. Using
a continuous monitoring service can help provide a business with constant and ongoing license
verification. Continuous monitoring license verification services can automatically monitor
all available professional license verification sources and notify the business of any changes
in information like the third-party's name, affiliation, address and license status or number.
With a standardized and effective means of performing and maintaining up-to-date license verification information, one will be able to better protect themselves from the risk of mortgage, appraisal and real estate fraud. Utilizing a license verification service along with MARI's Continuous Monitoring system can help your business reduce the risks of being a victim of fraud.
