ChoicePoint's MARI introduces Loan Fraud Alert ServiceMortgagePress.comapplication risk, patterns of fraud, hidden relationships among transaction parties
The Mortgage Asset Research
Institute (MARI), a ChoicePoint company,
announced the release of its new MARI Loan Fraud Alert Service
(LFAS). MARI LFAS is a mortgage industry-contributed loan process
database that enables lenders and investors to identify potential
application risk, patterns of fraud and hidden relationships among
transaction parties.
"Fraudsters are taking advantage of the fact that some lenders
do not have the capability to compare the details of all pending
transactions" said Tom Chmielewski, ChoicePoint vice president of
product marketing. "By incorporating LFAS into their business
solutions, lenders will now have the ability to compare that data
against other contributing lenders' loan data."
The comparison helps recognize application inconsistencies and
common patterns that may be indicative of fraudulent activity. By
helping identify risk at the earliest stages, lenders can improve
their quality control processes and reduce redundant application
reviews.
The Mortgage Asset Research Institute, based in Reston, Va.,
provides identity risk management services to the mortgage
industry. For more information, call (866) 676-6274 or visit www.mari-inc.com.
ChoicePoint, based in Alpharetta, Ga., provides businesses,
government agencies and non-profit organizations with technology,
software, information and marketing services to manage economic
risk. For more information, call (888) 497-0011 or visit www.choicepoint.com.
