DocuTech Corp. (DocuTech), a leading provider of compliance services and documentation technology for the mortgage industry, announced a strategic alliance with Advantage Credit, a provider of credit reporting and loan transaction services.
The alliance between DocuTech's ConformX and Advantage Credit's LoanShield provides DocuTech customers with an added layer of security when closing mortgage documents. LoanShield is embedded into ConformX, a Web-based solution that accelerates the closing process through document management, giving customers the option to use LoanShield, while running their closing documents.
"This alliance can potentially save ConformX customers millions of dollars that could be lost to fraud," said Ron Litt, president of Advantage Credit. "LoanShield pinpoints fraud among borrowers, properties and even insiders. Having LoanShield rooted within ConformX provides an easy and instant fraud control solution that cuts losses and keeps loans profitable."
LoanShield inspects loan files against a wide array of data sources, preventing fraudulent activity such as price inflation, equity skimming, identity theft, straw buying, property flips, broker fraud, appraiser fraud and employment misrepresentation. LoanShield is at the closest point to customer data, ensuring a minimized risk of fraud.
"Advantage Credit has long been a leading provider of fraud prevention tools for the mortgage industry," said Ty Jenkins, founder and CEO of DocuTech Corp. "LoanShield enables our ConformX customers to be proactive and avert fraud before running closing mortgage documents, ensuring a minimized risk for fraudulent activity."