First American Mortgage Solutions LLC has rolled out a new monitoring solution, Mortgage Forbearance Indicator (MFI), that is available through First American’s FraudGuard decision-support tool.
MFI monitors a consumer’s credit from application to closing to identify mortgage forbearance and alerts the processor and underwriter when new activity is found. Through FraudGuard, the MFI is fully compatible with, and an embedded service within, all major loan origination systems. This integration and automation streamline the process to quickly uncover undisclosed forbearance requests, shortening underwriting timelines and helping lenders avoid potential agency fees or unsaleable loans.
“In this fluid environment, agency guidelines and lender overlays are ever-changing, and our industry experts help lenders respond and stay up to date with customized, targeted FraudGuard alerts,” says Paul W. Harris, head of First American’s mortgage analytics business. “Not only is our newest forbearance module flexible, configurable and scalable to unique business needs, but with FraudGuard as a whole, users experience concierge service from industry expert account managers who advise and provide support for full confidence against risk.”
While alternative solutions only offer a batch file request outside of the processor’s LOS, or limit order options to a one-time look up or credit refresh, the FraudGuard MFI provides integrated ordering by document type or business channel and continual monitoring, which allows better control of third-party data expenses. To learn more about the solution, click here.