CoreLogic recently introduced an updated version of its mortgage Fraud Risk Score Model, to be released this summer.
Delivered within the LoanSafe product suite, version 4.0 accounts for recent changes in mortgage fraud trends while leveraging new data assets.
The new model provides more transparency into how the fraud risk score is calculated through an integration of alert predictive of fraud risk.
The updated score was designed based on feedback from CoreLogic clients.
The company says it will help make mortgage lenders more efficient in their fraud detection practices, ultimately saving them time and money.
The new Fraud Risk Score models unveiled during the company’s recent 2019 Mortgage Fraud Consortium, an event for mortgage fraud risk professionals.
Drawing experts from more than 30 top financial institutions, this year’s event was held in San Diego, Calif., and featured speakers from the FBI, Fifth Third Bank, Cognizant, Fannie Mae, Freddie Mac and more.
Bridget Berg, principal, fraud solutions at CoreLogic, says according to the firm’s latest research, the U.S. mortgage market has seen a 10% increase in fraud risk since the first quarter of 2018.
“This continual increase reinforces the need for this annual event and we’re proud to continue helping mortgage loan providers mitigate risk and fight back against fraud,” Berg says in a release.