The repository includes more than 80 million loan applications, or 65% of all loan applications annually, as well as contributions from more than 35 lenders and investors, with application and performance history dating back to 2005.
Seventeen lenders within First American's Multi-Lien Closing Alert Program are providing daily contributions of application and lien information, First American CoreLogic says. The repository also includes third-party information including loan information on more than 160,000 brokers, 135,000 appraisers, account executives, loan officers and retail branches.
The repository also incorporates the First American Property Data Repository; the LoanPerformance TrueStandings Securities and Servicing databases, which house 97% and 80% coverage of active non-agency mortgage securities and all active first-lien mortgages, respectively; and the Mortgage Electronic Registration Systems (MERS) registry and price trends and foreclosure data.
As the number of participants and reporting companies grow, it will make fraud risk more transparent and make it harder for perpetrators to carry out fraudulent activity," says Tim Grace, senior vice president of Fraud Analytics with the company. "Our goal is to help our customers reduce the occurrence of fraud schemes such as shot-gunning, loan stacking, undisclosed debt, short-sale fraud, falsification of lien releases, flipping and house stealing."
As an example of how shared information, better communication and industry cooperation can stop fraud, Grace points to First American's Multi-Lien Closing Alert Program. This two-year old program, which includes eight of the nation's 10 largest home equity lenders, has saved the industry more than $200 million in fraud losses, the company says.
SOURCE: First American CoreLogic