DataQuick Upgrade Seeks to Combat Mortgage Fraud

DataQuick has announced the addition of Property Review to LoanShield, DataQuick’s fraud protection platform. Property Review reduces the risk of mortgage fraud and protects lenders from potential repurchase claims by providing lenders with the necessary tools to make more informed decisions on loan applications. LoanShield users can now quickly identify suspicious activity and confirmed fraud through a thorough review of borrower, participant, credit and collateral. “The incorporation of Property Review into the LoanShield suite makes fraud detection in mortgage transactions faster and more effective,” said Rich Kuegler, vice president of business development for DataQuick. “At DataQuick we are continually in pursuit of ways to improve our offering and—in doing so—help lenders achieve more from their effort.” The components of the LoanShield suite now include: ►LoanShield Property Review, which detects potential fraud indicators on a property-specific basis. Included is DataQuick’s collateral market value (CMV) automated valuation model (AVM), supported by Home Price Index (HPI) and flip analysis. ►LoanShield Credit Review, which automate comparison of credit ratings in a simple report summary, including new inquiries, new tradelines and revolving debt increases. ►LoanShield Borrower Review, which provides identity verification and anti-fraud screenings in a report summary format. Included items are social security number validation, national telephone records review and U.S. Postal Records Screening. ►LoanShield Participant Review-Mortgage Electronic Registration System (MERS) data and fraud analysis are also available, including checks of Office of Foreign Assets Control (OFAC), General Services Administration (GSA) and Housing and Urban Development (HUD) Limited Denial of Participation (LDP) listings.