LoanSafe Fraud Manager integrates BasePoint Analytics' pattern-recognition technology with the nation's property, loan and mortgage fraud databases
First American CoreLogic, a member of The First American family of companies and a provider of property and ownership information, analytics and services, has launched LoanSafe Fraud Manager (LFM), a new fraud prevention solution that integrates BasePoint Analytics’ pattern-recognition technology with the nation’s property, loan and mortgage fraud databases.
Reportedly, LFM offers a series of alerts to prompt underwriters to provide additional reviews. The alerts are powered by the national fraud database, the lender loan application database and the recorder and assessor data on properties in the US. 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 reporting on property history, market conditions and other occupancy, employment and identity history information to provide the efficient fraud assessment.
First American has said that CoreLogic plans to migrate its current clients and those of BasePoint Analytics to LFM, which is part of the new LoanSafe Risk Manager suite, over the next 12 months. In the interim, customers will continue to have access to the legacy versions of FraudMark and LoanSafe 2.0.
Tim Grace, senior vice president of fraud analytics at First American CoreLogic, said: “LoanSafe Fraud Manager is the technology solution powering our recently introduced 2X mortgage fraud guarantee, which assures current and prospective clients that they will identify twice the level of fraud exposure compared to any other mortgage fraud product or there will be no charge for the measurement time period.”