New Tool Targets FHA Fraud

int Analytics, a provider of scientific fraud and risk solutions, has launched a new predictive analytic technology called FraudMark FHA. Designed to prevent skyrocketing fraud losses related to the Federal Housing Administration (FHA), the tool was built for lenders originating FHA loans as well as the FHA organization itself. The new software allows lenders to get an instant "Qualification Assessment" against FHA loan guidelines for each mortgage application, as well as a detailed report on any fraud-related risks that might cause borrower default or delinquency on the loan. "FHA volumes have increased from comprising two percent of the U.S. mortgage lending market several years ago to a projected 31 percent this year," observes Tim Grace, CEO and president of BasePoint Analytics. "That's a significant predictor of rising fraud rates. Our recent data analysis suggests that in 2009, FHA originations resulting in default and delinquency due to fraud will spike to $7.5 billion." FraudMark FHA solution was built specifically using historical FHA loans and identifies subtle and unique patterns of default and delinquency within FHA loan originations, the company says. SOURCE: Ba

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