CoreLogic has announced the launch of its Fraud and Risk Consulting Services that address the needs of mortgage lenders, servicers and credit card issuers by helping optimize fraud tools and risk strategies to improve fraud detection and minimize fraud-loss. CoreLogic created these services in response to the growing demand from resource-constrained financial institutions for skilled professionals with specialized fraud and risk expertise who can holistically examine technologies and processes. With guidance from the deep industry experience available from CoreLogic Fraud and Risk Strategists, clients can uncover opportunities for process improvement, operational efficiencies and cost reduction, and act on these opportunities with confidence to bolster profitability.
“While financial institutions value the impact that results from integrating risk management products within the mortgage loan origination and servicing process, they are also telling us they would benefit from experts that help optimize their risk management solutions based on a thorough understanding of their business,” said Tim Grace, senior vice president of product management at CoreLogic. “The CoreLogic team of fraud and risk strategists provides superior, hands-on consulting that delivers measurable fraud loss reduction. Our goal is to enable these organizations to be prepared now and for the future.”
Leading financial institutions have already experienced success using consulting services from CoreLogic. In a recent engagement, one U.S. mortgage company improved fraud detection and reduced false positive rates that led to the company reviewing 42 percent less loan applications while increasing the fraud detected overall, which resulted in a significant production cost savings for the organization.
“The first line of defense against fraud is an automated solution, but technology alone is not enough,” said Tony Garritano, chairman and founder of the PROGRESS in Lending Association. “A combination of technology and fraud detection experts is needed to effectively combat fraud today. CoreLogic’s Fraud and Risk Consulting Service forms a tight partnership with clients, whereby CoreLogic becomes a trusted fraud detection arm for the financial institution.”
CoreLogic currently offers two levels of service aimed at helping clients increase fraud detection and optimize risk management—advisory consulting services and comprehensive performance services. Advisory Consulting Services include introductory level services that help clients re-examine and benchmark their current environment and expose opportunities to combat identified fraud and risk challenges. This level of service includes Fraud Reduction Analysis, which fully details a client’s fraud preparedness; expertise of a CoreLogic Fraud Manager for Hire, which provides a highly trained expert for a specified period of time; and Product Support which provides customized services for specified products. These services can produce significant value for financial organizations, by addressing a range of circumstances from stand-alone, specialized projects to the identification and resolution of a fraud crisis.
Comprehensive Performance Services are additional levels of service designed to provide partnership to our clients to achieve significant, measured, value by addressing areas of opportunity uncovered during the introductory phase. These services are typically defined by specific, measurable goals of the organization and through the partnership with CoreLogic, it moves the organization toward the achievement of those goals. Example Services include PatternWatch, which uncovers fraud ring patterns within participating institutions; Strategy Optimization, which optimizes the application of risk management products to reduce false positives while increasing fraud detection; and Joint Fraud Reduction, is a ground-breaking mortgage-fraud prevention service that reduces fraud losses to a mutually defined level.
Georganne Rosenberger, senior director at CoreLogic, leads the team and brings more than 25 years of specialized experience leading fraud and risk management initiatives for major consumer and business lenders. Formerly a vice president with Wells Fargo Bank, Georganne succeeded in achieving seven consecutive years of reduced fraud losses. She also led fraud control initiatives and held leadership positions at Bank One and Mellon Bank.