First American CoreLogic Introduces Fraud-Prevention Technology

First American CoreLogic, a member of The First American Corporation family of companies, has released LoanSafe Fraud Manager, a fraud-prevention solution that integrates recently acquired BasePoint Analytics' pattern-recognition technology with comprehensive property, loan and mortgage fraud databases.

LoanSafe Fraud Manager scores fraud risk on a scale from 1 to 999 and offers a series of alerts to prompt underwriters to provide additional reviews. These alerts include undisclosed debt indications, multi-lien detection, owner-occupancy assessments, collateral risk information, income reasonableness, third-party risk and identity fraud exposure.

The product also provides reporting on property history, market conditions and other occupancy, and employment and identity history, the company adds, and uses First American CoreLogic's patented technology to monitor third-party entities and understand unique data anomalies indicative of fraud risk to generate the most accurate mortgage fraud scores available.

"LoanSafe Fraud Manager is the technology solution powering our recently introduced 2X mortgage fraud guarantee, which assures current and prospective clients that they will identify twice the level of fraud exposure compared to any other mortgage fraud product or there will be no charge for the measurement time period," says Tim Grace, senior vice president of Fraud Analytics at First American CoreLogic.

First American CoreLogic plans to migrate its current clients and those of BasePoint Analytics to LoanSafe Fraud Manager, which is part of the new LoanSafe Risk Manager suite, over the next 12 months. In the interim, customers will continue to have access to the legacy versions of FraudMark and LoanSafe 2.0.

SOURCE: First American CoreLogic

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