CoreLogic® Boosts Next Generation LoanSafe® Fraud Manager with Identity Data from LexisNexis®
Email Dan Smith
July 13, 2011, Santa Ana, Calif. –
— Industry-leading Data Enhances Analytics and Alerts to Improve Risk-Related Decisions for Mortgage Loan Originations —
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced an expansion of its relationship with LexisNexis to fuel next generation LoanSafe Fraud Manager with industry leading consumer identity, business and assets data. LexisNexis’ FraudPoint® Attributes and FraudPoint® Score are now accessible within the customizable, web-based LoanSafe Fraud Manager platform and will give lenders a more holistic view of applicants’ identity information to enable better fraud- and risk-based origination decisions.
“When dealing with risk mitigation and fraud prevention initiatives in the mortgage industry, the more you know about a person, the better assessment you can make about the likelihood that the applicant information is false,” commented Avivah Litan, vice president and distinguished analyst, at Gartner, a technology and research firm. “It will be prudent for lenders to incorporate solutions that intelligently analyze consumer identity data and take the leap from strategic aspiration to curtail fraud–related losses, and make it operational.”
“Reducing fraud-related risk in loan originations is a high priority for lenders today,” stated Richard McCoppin, vice president, Fifth Third Bank. “To maximize our fraud review processes and minimize our risk, we are actively evaluating solutions that combine multi-dimensional consumer identity data with a flexible operational workflow platform.”
LexisNexis leverages patented linking and matching technology along with more than 10,000 data sources, providing the largest base of commercially available public record data and proprietary information available on consumers, businesses and assets in the market today.
“Identity issues account for over 10% of the fraud problem plaguing the Mortgage industry today. The addition of vital consumer-identity behavior information, identity flags and attributes empowers mortgage lenders that use the next generation LoanSafe Fraud Manager platform to drive more efficient, actionable alerts, to more quickly respond to evolving regulations and to stop emerging fraud schemes,” said Tim Grace, senior vice president of Product Management and Analytics at CoreLogic. “Integrating identity data from LexisNexis as part of our next generation offering demonstrates our commitment to delivering powerful risk mitigation products for mortgage lenders.”
“FraudPoint Score and FraudPoint Attributes from LexisNexis enhance the CoreLogic next generation platform with authoritative identity data that can be used with lender-specific business rules to evaluate and investigate mortgage fraud risk,” said Tom Brown, vice president, financial services, LexisNexis. “The unique capability that LexisNexis brings is the ability of our FraudPoint Attributes to expose unique identities and risks associated with Social Security numbers, addresses or names; and to include and consider life events that continuously evolve over time and are predictive in determining fraud outcomes.”
Next generation LoanSafe Fraud Manager is the only mortgage fraud analytics solution available that leverages patented pattern recognition technology and offers comprehensive business intelligence and decision making by harmonizing data, analytics, policy, strategy and operational workflow. In addition, next generation LoanSafe Fraud Manager effectively targets which loans should be worked based on data and analytics; allows lenders to customize their criteria based on best practices, and change those criteria as needed; and helps lenders easily and rapidly deploy new data sources and new analytics, including rules, scorecards and pattern-recognition models.
For additional information, contact your CoreLogic sales executive or visit: www.corelogic.com/nextgenfraud.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is a division of Reed Elsevier, a leading publisher and information provider that employs more than 30,000 employees across the world.
LexisNexis® helps organizations in the financial services industry prevent financial crime, achieve regulatory compliance, mitigate business risk, improve operational efficiencies and enhance profitability.
CoreLogic is a registered trademark of CoreLogic. FraudPoint is a registered trademark of LexisNexis Risk Solutions.