Skip to main content

MERS and Interthinx form alliance for fraud prevention

NationalMortgageProfessional.com
Oct 13, 2009

MERSCORP Inc. (MERS) and Interthinx have announced the launch of a national fraud prevention database that will, for the first time, allow lenders to seek, identify, and share suspected fraudulent activity in loan applications from the point of origination. MERS FraudALERT, powered by Interthinx, will help identify and prevent fraud through the sharing and reporting of key data among the more than 62 million loans currently registered on the MERS System. Lenders using MERS FraudALERT will submit loan application data and incident reports with suspected or confirmed fraudulent activity to a centralized database. The system will then notify other lenders who have loans that may have connections to the data, alerting them to possible fraudulent transactions in their pipelines. “While the industry currently has access to excellent loan-level fraud detection technology, lenders still face unacceptable risk. Fraudsters circumvent those tools by perpetrating multiple instances of fraud concurrently because no one is speaking to each other,” said R.K. Arnold, MERS president and CEO. “Only by creating a collaborative industry wide fraud prevention database can this activity be stopped. MERS FraudALERT will become the national mortgage fraud detection and prevention utility. By participating, lenders can show that they take fraud prevention seriously.” MERS FraudALERT combines MERS’s infrastructure and industry wide integration with the proven fraud detection capabilities of Interthinx. Lenders who register their loans on the MERS System will have immediate access to the first industry wide database of fraud-related information through the new product, making any fraud screening technology more effective “Our goal from the beginning has been to eradicate mortgage fraud, and we have developed the industry’s best tools to accomplish that. But our technologies are most effective when they have access to more data,” said Kevin Coop, president of Interthinx. “Through this database, we will be even better at helping lenders detect fraud before loans are funded. We are very proud to be associated with this project and believe it is the most significant advance on the fraud risk mitigation front in recent history.” MERS FraudALERT, powered by Interthinx, will be available in the fourth quarter of 2009. Third-party fraud solution vendors will also be able to access and leverage the system. For more information, visit MERSInc.org or Interthinx.com.  
Published
Oct 13, 2009
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021