Pitchpoint Solutions

PitchPoint Products

Mortgage fraud losses are estimated at $4 billion in 2010 with dozens of new fraud schemes identified. The secondary mortgage market has responded with new mandatory verification requirements.

PitchPoint is a leading provider of fraud prevention services with the systems, people and experience to quickly validate loan data and enable lenders to reduce in-house effort, meet new compliance requirements and access a warranty against fraud losses.

Are you looking for the most comprehensive mortgage data validation and compliance solution in the market?

PitchPoint Expert Services

PitchPoint Expert Services combines the power of the PitchPoint Promptu platform with the PitchPoint human intelligence workforce to rapidly and consistently clear validation conditions. When combined with the PitchPoint Fraud Loss Warranty, lenders can rest assured they have the maximum financial protection available should unknown errors remain and cause an investor repurchase.

Independent Research:

The fraud prevention services automatically search billions of public records to instantly validate loan data and identify discrepancies. Researchers investigate discrepancies to reduce false positives and complete the manual steps to clear validation conditions or escalate true high risk fraud issues.

Investor Compliance:

The comprehensive services enable compliance with your review process and investor guidelines.

available Fannie Mae LQI –SSN Rule
Fannie Mae LQI –Borrower ID Rule
Fannie Mae LQI –Address Rule
Fannie Mae LQI –Occupancy Rule
Fannie Mae LQI –Qualified Party Rule
Freddie Mac Bulletin Section 2.24
Freddie Mac Bulletin Section 48.5

available FACT Act Red Flag Rule Section 312
FACT Act Red Flag Rule Section 114
Freddie Mac/ Fannie Mae –VOE Rule
FHA LDP Requirement
CitiMortgage Fraud Requirements
US Patriot Act Section 326
Tailored for investor compliance

Fraud Loss Warrant:

The fraud compliance and prevention services provide independent and objective research to validate loan data, highlight risk factors and provide an optional warranty against future fraud losses.

Click here to learn about the PitchPoint Fraud Loss Warrant plan.

Tailored Services:

The fraud prevention services are a tailored combination of automated and manual validation steps.

available Reports are pulled incrementally as a loan progresses to control costs on loans that don’t close
Professional researchers quickly investigate discrepancies and complete manual validation steps
Loan file is uploaded once and you receive a comprehensive report with status & tracking information

Beyond Traditional Compliance Reports

Lenders are challenged more now than ever with the need to comply with a broad and comprehensive set of guidelines from a multitude of sources ranging from distinct investors needs, federal regulatory requiremens and internal defined risk policies and proceedures. Lenders will require a well established practice if they wish to stave off the associated liability of repurchase arrising from errors related to non-compliance in the multitude of guidelines.

How lenders address the following challenges will be key to successful compliance:

	Report/Data Interpretation Not all reports provide a simple "yes/no" or "pass/fail" result. In fact most reports require some level of subjective review to determine if the report results have met the all guideline requirements. Lenders are becoming keenly aware of the liability risks related to report interpretation and are left with the need to establish a consistent process of report/data review and exception management.
	No Hit Unfulfilled report request due to indeterminate data elements in the loan file are a common occurrence. Processors can find themselves attempting to close loans with missing or incomplete reports. The results are often undesirable, ranging from losing the customer to workarounds by processors who break lending conventions and increase the company's overall liability. Lenders are seeking multi-sourced reports with greater hit ratios and the intelligence to instantly cascade to alternative sources based on economic drivers.
	Repeatable Consistency The possible permutations and combinations of reports based on the loan characteristics and third-party guidelines have created an overwhelmingly complex set of decision points for any processor. Even if navigating the process successfully, the ability of a lender to repeat such a process consistently among all its processors is challenging at best. A sound technology platform designed specifically for the task, coupled with a highly skilled workforce is becoming an unavoidable requirement and asset.
	Cost and Time-to-Close When considering contingency, lenders and their processors are faced with the complicated task of determining which reports are required and when they are required in the loan cycle. Without good mechanisms controlling the "what" and "when" of report orders, costs can quickly get out of control both in managing load profitability and commitments to the GFE. Lenders require a single source rapid execution process (single key entry, DU or MISMO submission) that can quickly tally cost on loan-by-loan bases.