First American Data & Analytics, a provider of property-centric information, risk management and valuation solutions, says its FraudGuard fraud risk detection and decisioning tool now includes enhancements that help lenders reduce home equity lending and compliance risk, improve loan quality, and increase efficiency.
The new features include the integration of the First American Procision AVM suite and the additions of a senior-lien review module designed for home equity lending and a military status verification module.
“In today’s lending environment, reducing risk, improving loan quality and increasing underwriting productivity are top of mind for lenders, and our latest FraudGuard enhancements help our lender clients address those priorities,” says Paul W. Harris, general manager, mortgage analytics, for First American Data & Analytics.
“These enhancements add to FraudGuard’s already robust capabilities. Now, FraudGuard’s smart analytics provide an even more effective, intuitive solution for critical underwriting decisions in first mortgage and home equity lending,” he remarks.
FraudGuard’s integration with the Procision AVM suite provides users access to automated property values to help expedite lending functions, such as underwriting and collateral reviews for first and second mortgages, as well as home equity lines of credit. First American Data & Analytics runs Procision AVM valuations on every residential property in the U.S. every day, and the company also updates the underlying data that fuels the Procision AVM suite daily.
Designed to support home equity lending, the senior-lien review module identifies ineligible first liens that could prevent a lender from moving forward with a second lien. For example, the new feature will alert a lender to a private mortgage originated within the last 12 months, first mortgages with negative amortization, balloon loans with a due date before the second lien, or a reverse mortgage. The module can also identify payment deferrals and loans in forbearance.
The military status module verifies an applicant’s status – active, retired or a survivor of military personnel – under the Servicemembers Civil Relief Act (SCRA).
Both the senior-lien review and military status modules are available as standalone API integrations.
