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AppIntell Partners With DesertDocs to Deliver Predatory Compliance Tool
ST. CHARLES, MO, August 11, 2003 - AppIntell, a leader in data integrity and fraud detection products, announced today a partnership with Desert Document Services®, Inc. (DesertDocs) a leading provider of Internet document solutions, to deliver the company's exclusive predatory lending tool, PredProtectSM the first fully automated online solution to analyze loan data for predatory lending compliance.
DesertDocs is integrating PredProtect as an option with the company's BrokerDocs® and DesertDocs Web products used by brokers, wholesalers, correspondents, mortgage lenders, retail banks and credit unions.
Integrating PredProtect with DesertDocs document solutions will strengthen the compliance value to the closing documents process and quality. Now when brokers and lenders prepare their closing documents through the DesertDocs web application, they will have the option of running the loan through PredProtect to score for predatory compliance. This function can be automated to remove the risk of issuing a predatory loan.
Mortgage lenders typically have to comply with numerous predatory lending laws, ranging from those that are fairly straight forward in their requirements, to complex calculations based on everything from current interest rate and single premium credit insurance to point and fee triggers. Laws vary by state and can be somewhat daunting to interpret and comply with. PredProtect takes the complex process and automates it, saving not only thousands of dollars in reduced risk but also saving a tremendous amount of time associated with the hand testing of these high-risk loans for compliance.
"Especially in today's complex legal environment, it's vital that companies do not unknowingly make loans that are in violation of any predatory lending anywhere in the country," said Steve Gott, CEO of AppIntell. "DesertDocs recognizing that need has partnered their core competency of doc solutions with ours of risk management to provide a best of class solution to their customers."
"Our customers are requesting high cost lending and anti-predatory tests that are automated and a part of the closing document process. By integrating the AppIntell services within our web application, we now can provide easy access to services that are of great value to the Desert Document Services customer, saving both time and money," said Ruth Thompson, CEO, Desert Document Services.
"Because AppIntell supports an XML interface, it allows our flexible XML web application to have a seamless integration," said Tim Underwood, CTO, Desert Document Services. "Our customers now have a simple one step click to engage regulatory compliance checks for anti-predatory lending and borrower information validations."
PredProtect, which contains the latest predatory lending laws, from the federal and state down to the details of each county and city, is designed to red flag predatory lending violations. It electronically notifies lenders of specific violations in any jurisdiction within the continental United States, matches the violation against the specific law, outlines the degree of violation then gives the appropriate actions steps necessary to bring loan parameters within the required non-predatory boundaries. For more information regarding PredProtect or other AppIntell products, visit their web site at www.AppIntell.com.
About AppIntell
AppIntell, Inc. is a leader in the detection and resolution of data integrity, risk management and fraud. AppIntell, Inc. is the first mortgage technology services provider to offer web-based real time data integrity fraud filter systems and just recently the first to put forward an electronic predatory lending compliance system. During the past seven years, AppIntell's fraud detection systems and personnel have reviewed some of the largest fraud cases in mortgage lending history. The Company has provided fraud training for the FBI and the MBA, in addition to investor agencies and numerous lenders.
About Desert Document Services, Inc.
Desert Document Services (DesertDocs) has led the industry by providing pioneering technologies and best-of-breed solutions to securely deliver the right documents, at the right time for the right borrower. Since 1983, DesertDocs continues to maintain its reputation as the mortgage industry's experienced and trusted partner, providing nationwide, compliant document solutions. By eliminating errors, improving lender productivity, and ensuring quality through easy-to-use, interface applications, DesertDocs is the best choice for document solutions. For more information call 800-726-9898 or visit the company's web site at www.desertdocs.com.
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