Interthinx integrates MERS data to enhance automated fraud detectionMortgagePress.comInterthinx, MERS, Mortgage Electronic Registration Systems, FraudGUARD, mortgage fraud
Interthinx Inc., a provider of proven risk mitigation, mortgage
fraud prevention and regulatory compliance tools for the mortgage
industry, has integrated MERS (Mortgage Electronic Registration
Systems Inc.) data into its proven FraudGUARD scoring system to
detect undisclosed properties, reveal investors claiming owner
occupancy, and uncover recently closed loans that could indicate a
borrower's intent to commit mortgage fraud.
"'Shotgunning' is a simultaneous closing scheme that occurs when
a borrower takes out multiple loans on the same property," stated
Connie Wilson, executive vice president of Interthinx. "It can
easily go undetected when lenders cannot quickly search for loans
associated with the borrower or subject property. This new feature
allows FraudGUARD users to automatically access the MERS database
of registered real-estate transactions to conduct such searches
during the FraudGUARD scoring process for automated detection of
potential fraud before funding a loan."
"Our integration of MERS data enables our customers to detect
undisclosed loans associated with the borrower that could also skew
debt-to-income ratios and cause lenders to misprice loans," added
Mike Zwerner, senior vice president of business development and
marketing at Interthinx. "This integration, available through
FraudGUARD at no cost to our customers, contributes to their
operational efficiency, process consistency, and bottom line."
"MERS is committed to working with Interthinx to fight the
onslaught of multiple application mortgage fraud," stated Dan
McLaughlin, executive vice president of MERS. "Having the MERS
loan-registration information available through FraudGUARD from
Interthinx, presents a powerful solution for lenders looking for
new weaponry in this environment of epidemic mortgage fraud."
For more information, visit www.interthinx.com.