The Mortgage Asset Research Institute (MARI), a ChoicePoint company, has released the MARI Loan Fraud Alert Service Pro (LFAS Pro). MARI LFAS Pro, with its patent-pending technology, assists lenders in discovering fraudulent loan applications prior to funding through a combination of comparative loan application analysis and Identity Risk Management tools.
Lenders will now have the ability to have a more comprehensive view of their loan portfolio, the company says. LFAS combines the MIDEX credentialing database with ChoicePoint's Identity Verification tools and adds the advanced capabilities of a comparative analysis loan tool.
‘According to the Federal Bureau of Investigation, based on existing investigations, a staggering 80 percent of all reported mortgage fraud losses are committed by industry insiders,’ says Merle Sharick, vice president and national manager of business development for MARI. ‘The mortgage industry is going through a dramatic transformation. As standards are tightened and processes are changed, so must the tools that detect and prevent fraud."