Wells Fargo Deploys Fraud Detection Tool

First American CoreLogic, a member of The First American Corporation family of companies, reports that Wells Fargo is implementing its fraud-prevention tech solution, LoanSafe Fraud Manager.

In addition to the implementation at Wells Fargo, LoanSafe Fraud Manager is now in active evaluation with 10 other lenders, First American CoreLogic says.     Â

LoanSafe Fraud Manager combines pattern recognition technology with property, loan and mortgage fraud data, and provides a risk score. First American CoreLogic has created patented fraud models that assign each loan a fraud-risk score spanning from one (lowest risk) to 999 (highest risk). By using these scores, lenders can realize revenue increases through quicker and more efficient underwriting and increase revenue by reducing default and foreclosure-related losses associated with fraud, the company says.

LoanSafe Fraud Manager now also offers improved reporting with more loan information categories displayed and alerts grouped by likely fraud types. Additionally, this new fraud detection solution offers more input fields for greater functionality and tracking, according to First American CoreLogic.

SOURCE: First American CoreLogic


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