Interthinx Bolsters Its FraudGUARD Product to Boost Loan Quality

In response to its own findings that employment and income mortgage fraud risk rose significantly in 2010, Interthinx has integrated new critical data points to help lenders identify high-risk borrowers. The inclusion of associated business search and bankruptcy data within Interthinx’s FraudGUARD ensures a more concise overall borrower risk review, can improve loan quality, and provides users a more comprehensive fraud prevention report.  “The Employment/Income index in our 2010 Annual Mortgage Fraud Risk Report rose by nearly 30 percent, which could indicate that ‘fraud for property’ is on the increase,” said Mike Zwerner, senior vice president of Interthinx. “Our product team has kept a close eye on this insidious trend, and we’ve focused key development in the area of identifying employment fraud and misrepresentation. We’re excited about the added data and analysis within FraudGUARD and the further protection and intelligence this proven tool brings to the residential mortgage lending industry.” The bankruptcy and associated business search features are optional and highly customizable. FraudGUARD users can choose to order the new options on all loans or just certain loans. “This essential product development provides our customers yet another layer of crucial information before funding a loan,” said Kevin Coop, president of Interthinx. “Within seconds, our customers will now have answers to questions such as, Is the borrower associated with another business that is not the current employer? Is the borrower’s employer an inactive corporation? Does the borrower have a bankruptcy record within the last four years? Is there a bankruptcy after the application date? With this type of insight, lenders are better prepared to make informed underwriting decisions during this time of emphasis on loan quality over loan quantity.”