Skip to main content

New Software Tool to Assist in the Fight Against Mortgage Fraud

NationalMortgageProfessional.com
Jul 25, 2011

CoreLogic has announced that its next-generation LoanSafe Fraud Manager platform now incorporates software from FICO, the leading provider of predictive analytics for decision management. FICO Origination Manager 4.0 has been integrated within the next generation fraud solution, enabling new alert creation and modification, case management capabilities, and access to unique data sources that give mortgage lenders more control to manage fraud cases and reduce mortgage fraud. FICO Origination Manager enhances the next generation LoanSafe Fraud Manager by providing a configurable decision engine for writing and managing business rules and alerts and an enhanced workflow capability to help lenders better assess fraud risk during the origination process. This enables mortgage lenders to: ►Write their own rules and alerts for quick reaction to fraud attempts ►Configure the action steps for analysts to take on risky applications ►Change steps when needed to keep the process dynamic ►Implement business rules and processes across all analysts ►Roll-out new operational processes to consistently apply best practices to high-risk applications to mitigate fraud ►Incorporate speed and agility to rapidly identify and prevent flash fraud “By leveraging technology provided by FICO, we are bringing new best-in-class fraud prevention capabilities to lenders more quickly, and continuing to revolutionize the way fraud is prevented in the mortgage industry,” said Tim Grace, senior vice president of product management and analytics at CoreLogic. “Lenders can now make better use of CoreLogic data assets to create and modify fraud alerts, which helps lenders speed their response to new and emerging fraud trends and schemes. Leveraging FICO Origination Manager, we offer lenders the ability to configure work flow and manage fraud fighting activities through a sophisticated case management system. The next generation LoanSafe Fraud Manager is becoming the next best practice in mortgage lending.” LoanSafe Fraud Manager provides mortgage originators a more holistic view of risk potential as a result of the product integration with FICO Origination Manager. This generation of LoanSafe Fraud Manager is the only mortgage fraud analytics solution available that leverages patented pattern recognition technology and offers comprehensive business intelligence which aids decision making by harmonizing data, analytics, policy, strategy and operational workflow.
The New URLA – What’s the Big Deal?

Lenders will need to update their technology stack to comply with the redesigned URLA.

Regulation and Compliance
Jun 14, 2021
Texas State Legislators Looks To Protect Reverse Mortgage Borrowers

A Texas House Bill has been introduced to prevent false, misleading or deceptive advertising by reverse mortgage lenders.

Reverse
Jun 02, 2021
Could Prudential Standards for Nonbank Mortgage Servicers be Eased?

From The Desk Of The “Om-Bobs-Man”

Regulation and Compliance
May 31, 2021
Get Ready to Duck and Cover

After years of hands-off attitude by regulators, a new wave of mortgage enforcement is building. Expect a tsunami.

Regulation and Compliance
May 13, 2021