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CoreLogic launches loan fraud analysis software

Designed to spot potentially damaging applications

In the last week, everyone from the Justice Department, ranking congressional democrats and Fannie Mae have broached the subject of mortgage fraud.

A recent Justice Department audit showed that mortgage fraud investigations remained a low priority for the Justice Department. That report prompted three ranking congressional democrats to call out the Justice Department in the hopes of meeting with Attorney General Eric Holder to review the Justice Department’s mortgage fraud policies.

The audit appears to be focused on mortgage fraud perpetrated by lenders. Now, CoreLogic (CLGX) is giving lenders a tool to protect themselves by helping to spot potentially fraudulent residential mortgage applications.

CoreLogic’s new LoanSafe Decision Manager will help lenders identify mortgage fraud risks by utilizing various sources, including: property data, consortium mortgage fraud information, predictive analytics and Fair Credit Reporting Act-compliant property, consumer and public record information.

“Residential mortgage loan applications with fraudulent information totaled approximately $21.9 billion between the second quarter of 2012 through the second quarter of 2013, ” 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.”

Lenders will be able to submit loan application data and receive a fraud risk score from one to 999. Lenders will also receive a comprehensive fraud risk report, which details the reasons for the risk score, with clear identification of FCRA-compliant information. CoreLogic says this will allow lenders to make more informed credit-based decisions.  

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