Home lenders can reduce their exposure to mortgage fraud at the point of the application with a newly launched offering.
A new fraud analytics service promises to reduce the risk of loan application fraud by enabling mortgage lenders to take prompt action.
The new service, LoanSafe Decision Manager, assesses a wide array of property data, consortium mortgage fraud information and predictive analytics.
CoreLogic Inc., which announced the service Wednesday, said that it is compliant with the Fair Credit Reporting Act.
Users submit loans applications and are given a fraud risk score of between one an 999.
CoreLogic claims that the score is based on the industry’s widest array of property data, consortium mortgage fraud information and predictive analytics.
“The score is determined by analyzing application content and comparing it with historical patterns of fraudulent and non-fraudulent activity from the CoreLogic consortium database of more than 100 million loans,” the statement said. “Lenders will then receive a comprehensive fraud risk report on each loan, detailing the risk score, reason for that score, the top recognized fraud indicators along with a consumer report, with clear identification of all FCRA-compliant information, allowing for easy identification of the data elements they can use to make credit-based decisions.”
Information about the LoanSafe Decision Manager is online at www.corelogic.com/products/loansafe-decision-manager.aspx.
