The latest news from the leader in
third-party verification services and technology.
IMPORTANT NEWS | From Paymnts.com, published October 6, 2016
“Sometimes, it is just a sign a consumer has not fully understood a product and just needs someone to explain it to them” – Paymts.com
A little over five years in, the CFPB has collected over 670,000 consumer complaints about just about any financial services-related topic there is. Beyond those raw numbers, though, what do all those complaints in the database really mean? READ THE ARTICLE
IMPORTANT NEWS | From New York Times, published September 8th, 2016
Record-setting Fines and New Consumer Protection Regulations for the Mortgage Industry are Making News
“This is why we exist”, said Lynn Mitchell, president of TPV.com, “Third-Party Verification will help lenders avoid these issues and conveniently comply with new regulations”.
From the New York Times, published September 8th, 2016:
Illegal banking practices cost Wells Fargo $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau, the largest such penalty the agency has issued.
CFPB Director Richard Cordray said: ‘Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences.‘ READ THE ARTICLE
IMPORTANT NEWS | From Fraudsense, published September 5th, 2016
Businesses caught in the “Fraud Triangle” are getting burned by the “middle-man” according to Fraudsense.
“This Fraudsense article by Dorothy Riggs illustrates transactional environments where Third Party Verifiication services such as TPV.com could play an important role in preventing fraud and its relevant costs” said Lynn Mitchell, president of TPV.com, “and the recent news about Wells Fargo is an excellent example”. READ THE ARTICLE
IMPORTANT NEWS | From USA TODAY, published March 25th, 2015
National Survey Shows Closing Costs Are A Mystery To Millennials
A recent USA Today article relates that when it comes to buying a home, many Millennials are in the dark about closing costs, a key figure when calculating the prices they’ll ultimately pay.
The findings are based on a national survey that found roughly 2/3 of potential home buyers between the ages of 18 and 34 don’t know that they’ll have to pay that final bundle of fees before the close the deal. The survey also found that it’s not just Millennials who lack such knowledge.
Among all prospective home buyers, regardless of age, 34% said they are “not very” or “not at all” aware of closing costs. Not having a total grasp of those fees, is just one of the hurdles potential home buyers face on the path to home ownership.
Loan TPV is the solution to buyer education and customer transparency when it comes to verifying your mortgage terms, conditions and funding requirements. READ THE ARTICLE
PRESS RELEASE | 02.29.2016
Data Exchange Acquires TPV.com Domain To Expand Third Party Verification
Data Exchange Inc. the industry-leading provider of independent Third Party Verification (TPV) services has acquired the domain name TPV.com. LEARN MORE