Client Frequently Asked Questions – Verification Bureau’s Acquisition by Veri-Tax

Dear Valued Customers,

We are excited to announce that Verification Bureau has been acquired by Veri-Tax, the leading national verification provider for loan originators, underwriters, loan processors, and other financial institutions striving to meet the raised compliance and fraud detection standards in the mortgage and consumer credit industries!

Verification Bureau will continue to operate as an independent entity from Veri-Tax with our existing customer support, FraudPredator.com ordering platform, IT integrations, and internal infrastructure remaining in place in order to deliver the same outstanding service provided prior to the acquisition. In addition to our current product selection, you will also have access to Veri-Tax’s additional services, which include Mortgage Fraud Reports, Bankruptcy Verifications, and Flood Zone Determinations.

For more information, please review the “Client Frequently Asked Questions” below or call Customer Support at (877) 477-4506. We thank you for your continued business and are confident that this acquisition will result in better service for you, our valued customers.

Sincerely,

Verification Bureau

1395 Brickell Ave, Suite 800

Miami, FL 33131

www.fraudpredator.com

Client Frequently Asked Questions – Verification Bureau’s Acquisition by Veri-Tax

Q1   Who is Veri-Tax?

Veri-Tax is the leading national verification provider helping loan originators, underwriters, loan processors and other financial institutions meet the raised compliance and fraud detection standards in the mortgage and consumer credit industries by providing fast and reliable borrower, property and fraud detection data. Veri-Tax was founded in 1998 and is based in Irvine, California.  More information about Veri-Tax can be found on its website at www.veri-tax.com.

Q2   Why did Veri-Tax acquire Verification Bureau?

In evaluating the acquisition of Verification Bureau, Veri-Tax saw the opportunity to provide lenders with a level of products and services that is simply unparalleled in the financial services industry. In addition, Veri-Tax saw that Verification Bureau exhibited the same focus on customer service as well as the cutting-edge technology and data security that is required by today’s lenders. It was a win-win opportunity for both companies.

Q3   How will this acquisition benefit me?

Current Verification Bureau clients will experience enhanced customer support, order processing, and IT resources, as well as additional verification and fraud detection services.

Q4   Will Verification Bureau’s current products change?

Verification Bureau’s customers will now have access to more products. In addition to Verification Bureau’s existing product line, you can now order the following solutions through Veri-Tax:

  • Mortgage Fraud Report – An easy-to-read, all in one report that provides a holistic overview of a borrower’s past buying patterns by instantly identifying mortgage, address, identity and employer red flag alerts before a mortgage loan is approved
  • Bankruptcy Verification – Fast, simple access to comprehensive data on an applicant’s bankruptcy history
  • BK-Alert – An ideal prefunding solution for correspondent lenders looking to identify if a borrower has filed for bankruptcy between the time the mortgage was originally underwritten and date it is purchased
  • Veri-Fy – Tax transcript authentication tool that verifies every IRS tax transcript has been delivered directly from the IRS database
  • Flood Zone Determinations – Accurate, up-to-date FEMA Map Modernization and flood zone determinations provided through our partner LPS National Flood.

All of Verification Bureau’s existing products will continue to be available with their existing features, order placement, and support processes.

Q5   Will Verification Bureau’s operations become integrated with Veri-Tax or will Verification Bureau become a stand-alone subsidiary? 

Verification Bureau will continue to operate as an independent entity. All existing Verification Bureau customer support, order processing, IT support, and internal infrastructure will remain in place in order to continue delivering the same outstanding service provided by Verification Bureau prior to the acquisition. The only change is that future contracts will be signed directly with Veri-Tax. In addition, LPS and Veri-Tax have signed a long-term preferred partner relationship agreement for the joint sales, marketing, and support of the verification services currently provided by Verification Bureau. This ongoing relationship between LPS and Veri-Tax will ensure a continuation of service quality.

Q6   Will pricing change?

There are no pricing changes related to the acquisition of Verification Bureau by Veri-Tax. Veri-Tax continues to offer competitively priced services together with its focus on delivering exceptional service, data security, and a truly outstanding customer experience.

Q7   What happens to my customer service representatives?

Your Verification Bureau and LPS representatives will remain the same. Verification Bureau employees will continue to be employed, and currently assigned account managers, sales representatives and operational support personnel will remain the same. The only change is that your customer relations representative will be able to offer more products and services than ever before.

Q8   Since Veri-Tax is headquartered in California, are you relocating Verification Bureau’s operations there?

Verification Bureau will maintain its current offices in Miami, Florida. In fact, Veri-Tax anticipates expanding its East Coast presence to enhance customer support.

Q9   Are the Veri-Tax executives committed to this change?

Absolutely. The acquisition of Verification Bureau represents a significant strategic, operational, and financial commitment by both the Veri-Tax management and its board of directors. Both management and the board are committed to the long-term growth and success of the combined companies. We believe that the need for enhanced verification and fraud detection services will continue to grow. Through this acquisition, the combined companies are positioned to offer a greater breadth of products with the highest quality of service at competitive prices.

Q10  I still have questions. Who should I contact?

For further information, existing Verification Bureau customers should contact Verification Bureau’s Customer Happiness Team at (877) 477-4506.

Press inquiries should be directed to Warren Lutz at WarrenLutz@StrategicVantage.com.

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