Rapid Reporting Clarifies Facts Surrounding SSA Pilot Program Cancellation; Social Security Administration Halts Pilot; Verification Service Will Continue Uninterrupted

Business Wire, Dec 29, 2004

FT. WORTH, Texas -- Rapid Reporting, a national provider of pre-funding income and identity verification services to the mortgage industry, clarified today that services will continue uninterrupted while representatives from the mortgage industry and the Social Security Administration (SSA) work to create a new system that will verify Social Security information for individuals. The SSA decision to cancel the Electronic Verification System (EVS) pilot program, of which Rapid Reporting is a participant, effective December 31, 2004, stands; however, Rapid Reporting is working with the SSA to create another system for authenticating identity.

"The SSA has been and continues to be extremely helpful in working with us to develop a plan to authenticate Social Security numbers," said Jay Meadows, president and chief executive officer of Rapid Reporting. "This information is vital in helping mortgage lenders identify potential fraud before they fund loans, in turn saving the industry millions."

Recent news accounts incorrectly stated that the pilot program would continue indefinitely. As a leader in the mortgage industry, Rapid Reporting wanted to make clear that the pilot program would be terminated at the end of the year, but that efforts to create a permanent system would continue.

"We are distressed to find that after working with the SSA and formulating a last-hour resolution to confirm Social Security numbers following the cancellation of the pilot program, the facts were reported incorrectly," Meadows said. "We want to emphasize that although the pilot is ending, there will be no breaks in service. Details of the alternative solution will be determined shortly."

Rapid Reporting, along with other mortgage industry service providers, will be collaborating with the SSA to find common ground while ensuring the SSA's commitment to its core mission remains unimpeded.

About Rapid Reporting

Founded in 1998 and headquartered in Ft. Worth, Texas, Rapid Reporting Verification Company is a national provider of pre-funding income and identity verification products for mortgage lenders to help combat fraud. The company's core offerings are IncomeChek, which is used to verify income, and DirectChek, which meets USA Patriot Act compliance and is used to verify identity. The products operate over a secure, Intranet, Web-based portal, which is audited for security purposes daily. IncomeChek and DirectChek are used by mortgage lenders and provide an efficient and cost effective means to identify a borrower at the beginning of the loan application process.

Rapid Reporting formed and continues to build relationships with government agencies, such as the Internal Revenue Service (IRS) and the Social Security Administration (SSA), to gather electronic data for verification purposes.

For additional information, write Rapid Reporting at 6628 Bryant Irvin Rd., Suite 200, Ft. Worth, Texas 76132 or contact the sales department at info@rapidreporting.com or 888.749.4411. Visit the Web site at www.rapidreporting.com.