The guarantee is an assurance that lenders will save twice as much in fraud losses
First American CoreLogic, member of The First American family of companies and a provider of property and ownership information, analytics and services, has launched its 2X mortgage fraud guarantee.
Reportedly, First American CoreLogic will work with clients to develop either a production trial or retrospective testing program for measuring its pattern-recognition anti-fraud technology.
The company has said that the First American CoreLogic patent covers technology that identifies behavioral trends for applicants, brokers, loan officers, lenders and program types, as well as the historical patterns of both fraudulent and non-fraudulent loan applications. The technology provides a a degree of predictability by identifying the loan applications at risk of fraud while reducing the overhead cost and false positives associated, with the process of matching database information to loan applications.
Tim Grace, senior vice president of Fraud Solutions at First American CoreLogic, said: “The 2X guarantee is extremely timely, given that the Federal Bureau of Investigation has recently reported that mortgage fraud had increased by 300% over the past three years and has estimated that fraud may be costing lenders as much as $5 billion per year.”