CoreLogic adds FICO software to fight mortgage fraud
Analytics firm CoreLogic (CLGX) is touting a new partnership with FICO as a way to enhance lenders' ability to detect mortgage fraud. Incorporating FICO's Origination Manager 4.0 system into its LoanSafe fraud manager platform will create a more advanced fraud detection system that offers timely alerts, case management tools and increased accessibility to lenders looking for hidden risks on loans going through the origination process, CoreLogic said. Through the enhanced system, lenders will be able to write their own rules when creating fraud alerts, change steps in the detection process, create the steps analysts need to follow when dealing with risky applications and roll out new processes that can continually be updated to ensure best practices in detecting mortgage fraud. "By leveraging technology provided by FICO, we are bringing new best-in-class fraud prevention capabilities to lenders more quickly, and continuing to revolutionize the way fraud is prevented in the mortgage industry," said Tim Grace, senior vice president of product management and analytics at CoreLogic. "Lenders can now make better use of CoreLogic data assets to create and modify fraud alerts, which helps lenders speed their response to new and emerging fraud trends and schemes." Write to Kerri Panchuk.