Magazine article Mortgage Banking

First American CoreLogic Introduces Integrated Mortgage Fraud Solution

Magazine article Mortgage Banking

First American CoreLogic Introduces Integrated Mortgage Fraud Solution

Article excerpt

Santa Ana, California--based First American CoreLogic, a provider of advanced property and ownership information, analytics and services, has released LoanSafe[R] Fraud Manager. LoanSafe Fraud Manager is a comprehensive new fraud-prevention solution that integrates recently acquired BasePoint Analytics' pattern-recognition technology with the nation's largest, and most comprehensive property, loan and mortgage fraud databases, according to First American CoreLogic.

LoanSafe Fraud Manager provides a new approach to fraud prevention

utilizing the company's recently patented technology (No. US 7,587,348--System and Method of Detecting Mortgage-Related Fraud). LoanSafe Fraud Manager scores fraud risk on a 1-to-999 scale and offers a series of alerts to prompt underwriters to provide additional reviews.

The alerts are powered by a large national fraud database, an extensive lender loan application database, and the most comprehensive recorder and assessor data on properties in the United States, according to the company. These alerts include undisclosed debt indications, multi-lien detection, owner-occupancy assessments, collateral-risk information, income reasonableness, third-party risk and identity-fraud exposure. The product also provides extensive reporting on property history, market conditions and other occupancy, employment and identity history information.

In a test of more than 1 million loans, LoanSafe Fraud Manager identified 70 percent of the lender-identified fraud and more than 50 percent of the total foreclosure and charge-off losses within the top 10 percent of scores. …

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