CoreLogic has introduced its LoanSafe Explorer service – the newest addition to its LoanSafe fraud and risk mitigation suite.
The tool is designed to assist lenders and servicers in obtaining a more accurate picture of their fraud risk by taking a macro-level view of their organization to help spot possible fraud trends that might be missed when only looking at individual loans.
Currently, fraud and risk mitigation detection efforts are focused on the loan level. This allows lenders and servicers to spot many instances of fraud, but certain anomalies and patterns may not be easily detectable at this granular level. LoanSafe Explorer changes the way fraud is detected by leveraging a lender’s data, combined with proprietary pattern recognition techniques, to provide a macro-level view of fraud risk. LoanSafe Explorer delivers insight into risk via a user-friendly dashboard within the LoanSafe Connect platform.
LoanSafe Explorer has the ability to leverage CoreLogic’s Mortgage Fraud Consortium. Consortium data – information from over 100 million member supplied mortgage loan applications – drives an analytically derived fraud score that has been proven to identify 60% of all frauds in the highest 10% of scores. Using this data on a macro level can allow users to identify possible fraud trends. For instance, a loan officer that has a much higher incidence of high (over 900) fraud scores compared to their counterparts may be conducting business in a way that needs further investigation and monitoring by risk managers.
“The old adage ‘You can’t see the forest for the trees,’ applies quite well to current mortgage fraud practices,” states Bridget Berg, principal of fraud solutions at CoreLogic. “That’s why we developed LoanSafe Explorer – to help fraud and risk managers to see their organization from a higher level, enhancing the chances they can spot possible fraud trends they may have missed.”