CoreLogic Offers 30-Day, No Cost Trial of IncomeAdvisor
Email Dan Smith
April 05, 2011, Santa Ana, Calif. –
—Real-time Income Estimate Combined With Income Fraud Assessment Bolsters Underwriting Confidence by Minimizing Risk—
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today announced a 30-day, no cost trial of IncomeAdvisor™, the only income assessment product for mortgage and auto lenders, consumer loan providers and credit card issuers that delivers an income estimation with measurable confidence levels as well as an income fraud score with actionable alerts. The 30-day, no cost trial is available to qualifying businesses that require real-time income validation. Interested businesses must contact CoreLogic by May 11, 2011; a maximum of 15,000 loan applications per organization will be processed during the trial period.
“In our work with lenders across various lines of business, it is clear that income misrepresentation is a common and growing problem,” said Tim Grace, senior vice president of Product Management and Analytics at CoreLogic. “For example, falsified income accounts for 23 percent of mortgage fraud. IncomeAdvisor can help lenders minimize this risk by determining whether the income stated on an application is reasonable. The 30-day, no cost trial let’s lenders test for themselves the accuracy and savings they can realize with real-time income estimation and fraud assessment.”
IncomeAdvisor™ helps detect income fraud early in the origination process, with actionable alerts, and provides an income estimate with confidence levels. IncomeAdvisor is fueled by the industry’s most robust data sources, including over 90 million loans in the CoreLogic fraud consortium database, and uses patented advanced analytic models to instantly evaluate the reasonableness of a borrower’s claimed income for better decisioning and enhanced profitability.
IncomeAdvisor provides a real-time assessment of income reasonability at the individual borrower level. This helps dramatically reduce income fraud and enables more efficient income verification strategies, effectively filtering applications for further income investigation. IncomeAdvisor enables businesses to:
- Assess claimed income reasonableness – even on borrowers with thin and no credit histories
- Evaluate claimed income using an income fraud score and a predicted monthly income amount
- Instantly see deviations between borrower reported income and the monthly income estimate
- Determine specific areas for investigation and verification based on easy-to-use alerts
- Customize risk and confidence thresholds
- Improve ratio of loans reviewed to loans booked
- Validate the accuracy of tax return information
- Prioritize accounts for collections efforts
- Effectively package asset-backed securities
- Assist lenders in approving more customers, prequalifying applicants and refining product and offer terms
IncomeAdvisor also helps lenders and card issuers comply with recent federal mandates requiring lenders to validate borrowers’ ability to pay based on verifiable income and asset information. When used with CoreLogic LoanSafe® Fraud Manager and CoreLogic 4506-T Income Verification services, lenders benefit from the full breadth of CoreLogic fraud and verification solutions.
Lenders and credit grantors interested in the 30-day, no cost trial offer can contact their CoreLogic sales representative for more information, or visit http://www.corelogic.com/Products/IncomeAdvisor.aspx.
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 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. 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 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic and LoanSafe Fraud Manager are both registered trademarks of CoreLogic. IncomeAdvisor and 4506-T Income Verification Services are trademarks of CoreLogic.