Interthinx Inc., an Agoura Hills, Calif.-headquartered provider of risk mitigation, mortgage fraud prevention and regulatory compliance tools for the mortgage industry, has added to its FraudGuard product a system that uses Federal Emergency Management Agency (FEMA) alerts to automatically provide lenders with supplemental information when the subject property is located in an area where FEMA has issued an alert.
"The severity of the variance and its impact on scoring is time-based," explains Mike Zwerner, senior vice president of new business development and marketing at Interthinx. "In other words, the more recent the FEMA alert, the greater the variance."
The FraudGuard system enhancement uses dynamic text and displays the type of disaster, such as fire, flood, earthquake or terrorism; the date the disaster was declared by FEMA; and the listing by county of the three most recent disaster declarations.