First American CREDCO, a provider of credit reporting solutions to the mortgage industry and part of First Advantage Corporation, has announced the introduction of the ENCORE report. Designed specifically to satisfy today's mortgage lending and documentation requirements, ENCORE is the industry's only comprehensive consumer reporting solution that delivers FCRA-compliant risk analysis for all critical elements of the mortgage application and servicing processes. The report, which delivers a 100 percent decisionable 360-degree risk view of the consumer and lending transaction, features applicant credit risk, identity verification, applicant income and employment verification, and subject property and market data.
ENCORE is the first in a series of customizable risk analysis solutions powered by the company's new proprietary nd Merge (nth dimension) Technology platform. Positioned as the mortgage industry's next-generation solution for risk analysis, nd Merge allows First American CREDCO to instantly access and combine thousands of data elements into a single report. The result is a multi-dimensional full-risk view of the consumer that goes far beyond traditional applicant risk analysis.
"Dramatic shifts in the economic environment along with estimated annual fraud losses reaching $25 billion have forced mortgage professionals to reevaluate how consumer and collateral data is qualified," said John Bauer, executive vice president of business development for First American CREDCO. "ENCORE satisfies a very timely and critical need for accurate, reliable and thorough decisioning data that lenders and servicers can use to quickly evaluate and help mitigate risk on every loan transaction or portfolio."
Driven by public, private and proprietary data sources, ENCORE instantly accesses and sorts thousands of consumer data points covering 99 percent of the population, over 100 million active loans and more than 600 million consumer data records. In seconds, a customizable rules-based analysis of the data is provided, complete with recommended actions. Each report delivers comprehensive decisioning data and analysis on the following:
ENCORE Summary: Features an at-a-glance summary of key consumer and mortgage loan factors, such as mortgage lending activity, subject property data, lien status and credit history of an existing or previous mortgage loan. Includes caution alerts for identity or property fraud and transaction data that may represent loan risk indicators.
ENCORE Property: Features property characteristics and historical data, owner occupancy analysis, estimated value, comparables and valuation on nearby sales in the market to determine potential risks associated with the subject property.
ENCORE Credit: Provides applicant's credit information from all three national credit bureaus along with public records information and other data sources to help determine applicant credit worthiness.
ENCORE Identity: Displays Red Flag fraud and FACT Act alerts along with key identity information, such as name, AKAs, other related SSNs and addresses associated with an applicant to help detect and resolve potential fraud.
ENCORE Income: Verifies inferred or stated income and employment history to help determine if an applicant has the capacity to meet payment obligations.
"Twenty years ago, First American CREDCO revolutionized credit risk analysis with the first Instant Merge credit reporting solution," continued Bauer. "ENCORE is the next generation in consumer reporting that takes complex decisioning data and instantly delivers it in an easy-to-read, intuitive format that significantly simplifies the way mortgage professionals evaluate risk."
In development since early 2007, nd Merge Technology is an FCRA-compliant, fully scalable data merge technology platform that collects, sorts and organizes data from thousands of data sources in seconds. The proprietary data technology, along with expansive consumer and business information, is leveraged against proven data collection and reporting methods to deliver highly customizable reporting solutions.
For more information, visit Encore.Credco.com.