CoreLogic Incorporates FICO Technology Into Next Generation LoanSafe Fraud Manager
Email Dan Smith
July 25, 2011, Santa Ana, Calif. –
––Gives Mortgage Lenders More Speed and Flexibility to Combat Fraud––
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that its next-generation LoanSafe® Fraud Manager platform now incorporates software from FICO, the leading provider of predictive analytics for decision management. FICO® Origination Manager 4.0 has been integrated within the next generation fraud solution, enabling new alert creation and modification, case management capabilities, and access to unique data sources that give mortgage lenders more control to manage fraud cases and reduce mortgage fraud.
FICO Origination Manager enhances the next generation LoanSafe Fraud Manager by providing a configurable decision engine for writing and managing business rules and alerts and an enhanced workflow capability to help lenders better assess fraud risk during the origination process. This enables mortgage lenders to:
- Write their own rules and alerts for quick reaction to fraud attempts
- Configure the action steps for analysts to take on risky applications
- Change steps when needed to keep the process dynamic
- Implement business rules and processes across all analysts
- Roll-out new operational processes to consistently apply best practices to high-risk applications to mitigate fraud
- Incorporate speed and agility to rapidly identify and prevent flash fraud
“By leveraging technology provided by FICO, we are bringing new best-in-class fraud prevention capabilities to lenders more quickly, and continuing to revolutionize the way fraud is prevented in the mortgage industry,” said Tim Grace, senior vice president of Product Management and Analytics at CoreLogic. “Lenders can now make better use of CoreLogic data assets to create and modify fraud alerts, which helps lenders speed their response to new and emerging fraud trends and schemes. Leveraging FICO Origination Manager, we offer lenders the ability to configure work flow and manage fraud fighting activities through a sophisticated case management system. The next generation LoanSafe Fraud Manager is becoming the next best practice in mortgage lending.”
“Flexible and dynamic case management is critical to fraud prevention, and our work with CoreLogic brings these capabilities to mortgage lenders,” said Deborah Kerr, executive vice president and chief technology officer at FICO. “This is a milestone for the mortgage industry, which needs better risk management and fraud prevention in order to prudently expand lending programs and stimulate economic growth. It is also further validation of the strength of our recently launched FICO Origination Manager, a complete solution for improving credit decisions.”
Next generation LoanSafe Fraud Manager provides mortgage originators a more holistic view of risk potential as a result of the product integration with FICO Origination Manager. This generation of LoanSafe Fraud Manager is the only mortgage fraud analytics solution available that leverages patented pattern recognition technology and offers comprehensive business intelligence which aids decision making by harmonizing data, analytics, policy, strategy and operational workflow.
With next generation LoanSafe Fraud Manger, data and analytics effectively target which loans should be worked. Criteria are lender-driven, based on best practices, and can be changed from month to month or loan program to loan program. Lenders have the ability to easily and rapidly deploy new data sources and new analytics including rules, scorecards and pattern-recognition models.
Once lenders have identified the population of loans that most need attention, LoanSafe Fraud Manager prioritizes and determines the optimal action steps needed for each. The ability for a lender’s fraud manager to create strategies that combine scores and alerts along with action steps for the analyst that are specific to each lender’s best practices helps ensure that the optimal group of loans is worked in the best way in every instance.
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.
CoreLogic and LoanSafe Fraud Manager are both registered trademarks of CoreLogic FICO is a registered trademark of Fair Isaac Corporation.