New Technology and Patent Bolsters Company's Position as the Leading Fraud Prevention Solution Provider
Oct. 15, 2009 (PR Newswire) --
SANTA ANA, Calif., Oct. 15 /PRNewswire-FirstCall/ -- First American CoreLogic, a member of The First American Corporation (NYSE: FAF) family of companies and America's largest provider of advanced property and ownership information, analytics and services, today announced the release of LoanSafe® Fraud Manager, a comprehensive new fraud prevention solution that integrates recently acquired BasePoint Analytics' pattern-recognition technology with the nation's largest and most comprehensive property, loan and mortgage fraud databases.
LoanSafe Fraud Manager provides a new and unique approach to fraud prevention utilizing the company's recently patented technology (No. US 7,587,348 System and Method of Detecting Mortgage-Related Fraud). In retrospective head-to-head testing, LoanSafe Fraud Manager detected significantly more fraud at operationally feasible review rates than any other alternative mortgage fraud solution provider.
LoanSafe Fraud Manager scores fraud risk on a 1-to-999 scale and offers a series of alerts to prompt underwriters to provide additional reviews. The alerts are powered by the largest national fraud database, the most inclusive lender loan application database and the most comprehensive recorder and assessor data on properties in the U.S. These alerts include undisclosed debt indications, multi-lien detection, owner-occupancy assessments, collateral risk information, income reasonableness, third-party risk and identity fraud exposure. The product also provides extensive reporting on property history, market conditions and other occupancy, employment and identity history information to provide the most efficient fraud assessment available.
LoanSafe Fraud Manager achieves a significant 'lift' in fraud detection. In a recent test of more than one million loans, it identified 70 percent of the lender-identified fraud and more than 50 percent of the total foreclosure and charge-off losses within the top 10 percent of scores. In other retrospective tests, LoanSafe Fraud Manager identified two times more fraud and early payment default risk than alternative anti-fraud products within the highest 10 percent of scores. The solution also produced significantly fewer false positives. The system uses First American CoreLogic's patented technology to monitor third-party entities and understand unique data anomalies indicative of fraud risk to generate the most accurate mortgage fraud scores available.
