CoreLogic Introduces Fraud Analytics Delivered With FCRA-Compliant Loan Decisioning Solution
Email Dan Smith
March 19, 2014, Irvine, Calif. –
—LoanSafe Decision Manager Enables Prompt Action Against Potentially Fraudulent Mortgage Applicants—
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced a Fair Credit Reporting Act (FCRA)-compliant loan decisioning solution that leverages patented predictive fraud analytics. LoanSafe Decision Manager™ from CoreLogic Credco® identifies potential mortgage application fraud risk by assessing the industry’s widest array of property data, consortium mortgage fraud information, and predictive analytics and delivers it with FCRA-compliant property, consumer and public record information.
By identifying and flagging potentially fraudulent applications, LoanSafe Decision Manager helps lenders safeguard credit decisions while keeping their origination pipeline moving and resources focused on loans that are least likely to be associated with fraudulent activity. Because LoanSafe Decision Manager comes with an FCRA-compliant consumer report, lenders can respond more quickly to the information contained in the consumer report.
“Residential mortgage loan applications with fraudulent information totaled approximately $21.9 billion between the second quarter of 2012 through the second quarter of 2013,1” said John Bauer, senior vice president of CoreLogic Credco. “As the refinance-driven market shifts toward a purchase-driven market in 2014, lenders need to be more aware during the origination process. LoanSafe Decision Manager helps lenders identify and promptly act on fraudulent applications by leveraging FCRA-compliant information in the consumer report. With LoanSafe Decision Manager, lenders get the best of both worlds: the industry’s leading fraud prevention data and analytics delivered with fully-decisionable FCRA-compliant consumer credit information.”
LoanSafe Decision Manager incorporates the same patented predictive analytics and scoring technology found in the industry-leading CoreLogic LoanSafe Fraud Manager™. Lenders can submit loan application data and receive a fraud risk score from one to 999. The score is determined by analyzing application content and comparing it with historical patterns of fraudulent and non-fraudulent activity from the CoreLogic consortium database of more than 100 million loans. Lenders will then receive a comprehensive fraud risk report on each loan, detailing the risk score, reason for that score, the top recognized fraud indicators along with a consumer report, with clear identification of all FCRA-compliant information, allowing for easy identification of the data elements they can use to make credit-based decisions.
“As the regulatory environment continues to evolve, LoanSafe Decision Manager provides our clients with the added protection and reassurance that comes with clearly actionable FCRA-compliant data as part of their fraud mitigation solution,” continued Bauer.
For more information about LoanSafe Decision Manager visit www.corelogic.com.
1 2013 CoreLogic Mortgage Fraud Report
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company’s combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic LoanSafe Decision Manager and CoreLogic LoanSafe Fraud Manager are trademarks of CoreLogic, Inc. and/or its subsidiaries.