To avoid costly losses and repurchases, every company involved in mortgage lending wants to get a firm grip on risk. Enter LoanSafe® 2.0, an evaluation tool that rates overall lending risk using unparalleled analytics backed by the nation's largest database of loan and homeownership information. LoanSafe is quick, effective, and easy to use, providing users with colorful, at-a-glance risk indicators and straightforward alerts with explanations and action steps customized to your internal policies.
- Ratings combine borrower, collateral, lender and market characteristics
- Reports potential owner-occupancy issues
- Reveals overvaluation and appraisal fraud
- Validates identity and income employment information
- Exposes undisclosed debt
- Identifies multiple loan submissions and closings
LoanSafe 2.0 updates its previous focus on collateral and borrower risk with a multilayered approach that detects mortgage fraud, examining additional information resources such as property valuation history and borrower demographics. It spots:
- Appraisal Risk - Up to 80 percent of fraudulent mortgage loans involve deliberately overvaluing property. LoanSafe 2.0 quickly identifies likely transgressors
- Repurchase Risk - LoanSafe 2.0 compares loans to their defined repurchase parameters to isolate loans at risk for subsequent repurchase demands
- Income Validation - LoanSafe 2.0 automatically screens borrower income and other information against specific indicators to spot likely income misrepresentations
- Owner Occupancy - LoanSafe 2.0 uses unpredictive algorithms to identify borrowers who may have fraudulently claimed owner-occupant status.
- Undisclosed Mortgage Debts - Drawing on the largest property and mortgage databases in the industry. LoanSafe 2.0 quickly identifies shotgunners, flippers and fraud rings.
LoanSafe 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.
Contact us today to learn more about the power of RealQuest Professional — the standard in property data and analytics.
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