CoreLogic Fraudmark Solution Named Best Anti-Fraud Measure By Mortgage Finance Gazette
November 04, 2010, London –
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, was awarded the prestigious title of Best Anti-Fraud Measure for its FraudMark™ solution at the 11th annual Mortgage Finance Gazette awards held in London last night.
Leading UK lenders, nominated FraudMark as the best anti-fraud measure for its superior accuracy, ease of use and advanced predictive analytics capabilities, resulting in FraudMark being selected above a number of competitor fraud solutions for the top honor.
The patented technology behind FraudMark is also in daily production use by top mortgage lenders in the United States and Australia. Recent studies using the FraudMark technology on lender portfolios and in new loan originations have indicated the potential to prevent tens of millions of pounds per year of fraud losses.
Joanne Atkin, editor of Mortgage Finance Gazette, said: "Mortgage fraud is big business for organised criminal gangs. Even the so called softer mortgage fraud, for example where people exaggerate their income, is a nuisance for lenders. So CoreLogic's fraud detection product is a welcome addition in the fight against fraud.”
"FraudMark is a clever piece of technology that has proven itself in detecting fraudulent mortgage applications that slipped through the net. The judges were impressed with the way it can identify a whole range of frauds retrospectively as well as being a useful underwriting tool."
James Neave, managing director of CoreLogic in the UK added, “The emergence of large mortgage fraud rings has intensified and, as a result, so has the need for highly effective fraud prevention tools and processes. We’re delighted to have won this prestigious award, which we consider testament to the superior ability of FraudMark to detect and prevent mortgage fraud. We look forward to continuing to work with the UK mortgage industry to help lenders continually raise the bar on fraud prevention and ultimately significantly reduce their business losses from fraud.”
For further information about products and services offered by CoreLogic Solutions please visit www.corelogicsolutions.co.uk.
About CoreLogic in the United Kingdom:
CoreLogic in the United Kingdom is recognised as a leading provider of residential property valuation and mortgage application fraud solutions to a wide range of business sectors including secured lending, capital markets, property surveying, financial planning and debt management. Previously operating as UKValuation, the pioneering developer of AVMs for the UK, CoreLogic now manages a growing database of more than 30 million property records and a client list that includes the majority of the UK’s top 10 lenders. For more information on CoreLogic solutions in the United Kingdom please visit www.corelogicsolutions.co.uk.
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 and decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a leading provider of mortgage and automotive credit reporting, property tax information, 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. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
# # #
For more information visit the website – www.corelogicsolutions.co.uk or contact the press office at email@example.com