LoanSafe® Fraud Manager leverages market leading property risk, undisclosed debt, multi-lien information and patented pattern recognition models built upon a consortium of over 80 million loan applications. Using loan application and proprietary data, LoanSafe Fraud Manager employs a sophisticated fraud model that analyzes behavioral trends for all parties involved in the transaction, including applicants, brokers, loan officers, appraisers, etc. and compares these relationships with historical patterns of fraudulent and nonfraudulent applications. This pattern-recognition technology enables LoanSafe Fraud Manager to pinpoint fraud with unprecedented accuracy.
LoanSafe Fraud Manager effectively screens for all of the fraud risks associated with mortgages, including:
- Income
- Employment
- Identity
- Occupancy
- Undisclosed Debts
- Straw Borrower
LoanSafe Fraud Manager is a complement to credit and compliance review tools and is now available on a standalone basis or within the LoanSafe Risk Manager suite. Within the suite, lenders can combine the fraud risk assessment of LoanSafe Fraud Manager with the collateral valuation risk assessment of LoanSafe Collateral Manager.
The entire LoanSafe Suite was enhanced to include additional configuration options upon request, including data contribution. Using this feature, the model can incorporate that data and enhance the accuracy of the score. Over time, contribution of data will enhance the accuracy of the score.
NOTE: Data will be available for off-line analysis and comparison to other lenders' data.
Introducing a New Feature - DU3.2 File Upload
1003 is the form number assigned by Fannie Mae and used by mortgage computer software programs when referring to the Uniform Residential Loan Application. Fannie Mae's desktop underwriter system created a proprietary format referred to as "DU3.2" to import/export the 1003 loan application data to/from Loan Origination Software (LOS).
Up until now, lenders nationwide were required to manually hand-key this information into risk management solutions, such as any of the LoanSafe analytics. Since this was a well-known and commonly used format, CoreLogic RealQuest sought to provide its users with a solution to reduce time, effort and errors from manual entry - introducing the DU3.2 File Upload feature.
Now users have the ability to import a DU3.2 file in lieu of manually entering the fields on the LoanSafe input form. Users can simply browse for files in any directory available to them. Data from uploaded files is automatically parsed and key data is automatically entered in the appropriate "Input Information" page fields. All fields will be editable after file upload and before requesting the report.
Contact us today to learn more about the power of RealQuest Professional — the standard in property data and analytics.
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