CoreLogic launches new mortgage fraud-prevention system
CoreLogic (CLGX) unveiled a new fraud-prevention analytics tool it expects will help lenders identify patterns of mortgage fraud instantly and react immediately. The analytics company said its LoanSafe Fraud Manager is a holistic, Web-based platform that minimizes reliance on information technology departments by allowing lenders to create their own flash fraud rules and alerts. "Paper-based alerts and manual workflows are obsolete," according to Avivah Litan, vice president of research firm Gartner. "Lenders today expect their risk management system to have an intuitive and interactive workflow with alerts and rules that can instantaneously evolve with emerging fraud patterns." CoreLogic said its new product will enable lenders to "easily and rapidly deploy new data sources and new analytics including rules, scorecards and pattern-recognition models" to "ensure that the optimal group of loans is worked in the best way in every instance." Write to Jason Philyaw.