Interthinx bolsters identity theft detectionMortgagePress.comInterthinx , identity theft, mortgage loan applications, FraudGUARD, Identity Verification
Based on the disturbing trend of identity theft found in
mortgage loan applications, Interthinx has enhanced the Identity
Verification feature in FraudGUARD with a more robust set of
identity data and improved analytics for superior fraud detection.
The new identity data is seamlessly integrated into FraudGUARD and
intelligently groups borrower information to isolate identity
misrepresentation before loan funding. Interthinx is a leading
provider of proven risk mitigation, fraud detection, and regulatory
compliance tools for the residential mortgage industry.
"Over the last six months, our analysis shows an average of 5.7
percent of loan applications are from borrowers who simply are not
who they say they are," said Stacey Louie, senior vice president of
product development for Interthinx. "This level of identity
misrepresentation exposes lenders to extreme and intolerable risk.
In response to client demand, our developers have carefully
incorporated a comprehensive identity data set into Interthinx
proprietary technology. The 16 new identity alerts and
state-of-the-art analytics within FraudGUARD reduce false positive
findings and improve fraud scoring."
The identity enhancement enables lenders to locate maiden names,
alias, and misspelled names and borrowers who have changed their
identity. The enhancement also includes information such as the
number of trade counts associated with a borrower's name and social
security number (SSN), the number of trade counts associated with a
borrower's address, additional reported SSN's associated with a
submitted SSN, property type for each borrower address, and
employer information reported to a credit bureau.
"Underwriting resources are down, volume is up, and lenders need
tools to streamline processes," added Connie Wilson, executive vice
president for Interthinx. "In today's high tech and unforgiving
environment, it's imperative to know who you are lending to.
Comprehensive identity verification of a loan applicant will not
only help financial institutions comply with regulations such as
the USA Patriot Act, The Fact Act, and various FHA requirements,
but will help ensure quality and reduce underwriting time."
For more information, visit www.interthinx.com.