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Fraud Prevention Products
First American Corelogic has taken fraud prevention to the next level by providing the market’s best tools for validating income, identity, lien, and mortgage application quality. Our fraud prevention solutions help mortgage lenders, servicers, investors and insurers reassure that the business they originate is as safe as it can possibly be from fraud. Here is a list of our fraud prevention products that can help your business stop fraud dead in its tracks.
LoanSafe® 2.0
LoanSafe 2.0’s new multidimensional loan scoring assures swift, smart decision-making, by skillfully balancing production and risk. Lenders using LoanSafe 2.0 can quickly identify questionable loans—allowing accelerated processing of good-quality loans. Investors using LoanSafe 2.0 spot potential kick-outs immediately, shortening the time spent maintaining high loan-pool quality.
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IdentityPro
Whether stolen or fabricated, inaccurate borrower information creates serious consequences for mortgage lenders, investors and insurers. IdentityPro was created as a fraud prevention resource to stem the rising tide of identity fraud. IdentityPro is a technologically advanced system that detects fraud information using multiple data sources and complex behavioral analysis. IdentityPro can be used at any step of the loan process to prevent fraud, enabling lenders to streamline processing of good loans. By focusing resources only on those loans exhibiting questionable borrower information, IdentityPro accelerates processing times and increases pull-through rates without reducing your fraud prevention measures.
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IncomePro
First American CoreLogic’s IncomePro®, the industry’s first real-time, integrated income validation tool, provides lenders a fast, effective way to establish the soundness of a borrower’s stated income, acting as a fraud prevention measure to reduce falsified income loan applications. Dramatic increases in stated-income loans present mortgage lenders with increased challenges in managing loan risk and fraud prevention. With investment firms increasingly rejecting loans due to income misrepresentation, establishing the soundness of borrower-stated income has become a crucial step in avoiding costly loan loss.
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Multi Closing Alert Program
First American CoreLogic created the Multi-Closing Alert Program to help originators unite their individual efforts to create an industry wide fraud prevention control. Participating lenders submit daily batch files with loan closing activity. First American CoreLogic analyzes the daily files and identifies scenarios where multiple lenders are moving to close on the same property. This fraud prevention product will reduce risk of the originated loan recording in a lien position other than what you initially assessed the risk of the loan.
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Third Party ScoreCard
Whether working in-house or as an external agent or broker, unscrupulous mortgage professionals can threaten profitability by using their knowledge and experience to introduce risk. To address the issue, First American CoreLogic created ThirdParty Scorecard® as a fraud prevention solution that enables mortgage lenders, investors and insurers to grade frontline loan representatives on collateral risk.
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