Ocwen Financial Corp., a business process outsourcing provider to the financial services industry, has selected the FraudMark solution from BasePoint Analytics, a provider of scientific fraud analytics and consulting services, to enhance its fraud and risk management program.
The FraudMark solution uses sophisticated analytic scoring technology to identify suspicious mortgage loans, enabling investment banks to quickly and effectively reject them before purchase. These models accurately predict the likelihood of a loan containing fraud that will result in financial loss to the investor. Over the past year, the FraudMark score has helped investment banks prevent over $1 billion in suspicious loans from purchase, the company adds.
‘Ocwen is committed to minimizing the risk for our investors by detecting and preventing mortgage fraud. Our use of the BasePoint FraudMark score enables us to better protect our customers and investors from fraud,’ states James Zeldin, senior vice president of mortgage services. ‘At the same time, the FraudMark solution enables us to maximize overall loan quality, streamline due-diligence processes and improve profitability.’