Interthinx, a leading provider of comprehensive fraud prevention and decision support tools for the mortgage industry, and a unit of ISO, announced ISO's acquisition of RegsData, a provider of automated mortgage licensing compliance services.
RegsData's flagship product, State Verification and Alert Repository, is a nationwide database of licensing information for all non-depository first and second mortgage brokers and lenders. RegsData also offers State Verification and Alert Repository Monitor, an efficient automated process to continuously monitor the license status of a lender's approved broker list. Terms were not disclosed.
"As the demand for automated broker and third party license checks grows, Interthinx continues to build a more comprehensive solution with targeted offerings to meet this need," said Kevin Coop, president of Interthinx. "Adding RegsData is a key addition to our already powerful fraud protection solution. We look forward to strengthening our offerings to customers with RegsData's proven products."
RegsData centrally stores data and allows the proactive monitoring of license information from the 49 states, and District of Columbia, where some type of license to originate home loans within that state is required. It continuously gathers license data from each state and, together with a process of data verification and validation, offers users accurate and timely information about license status and validity. RegsData's products will be integrated with Interthinx's National Fraud Protection Database and Third Party Review (TPR) services, further enhancing Interthinx customers' ability to manage and monitor their third-party relationships.
"The mortgage industry is experiencing an increase in third party fraud, and license verifications are essential to combating these challenges," said George Pressly, Jr. president of RegsData. "The combination of our automated license verification offering with Interthinx's fraud detection suite of products provides an all-encompassing solution for mortgage lenders."
RegsData's existing executive team will continue to be active with the company.