First American Fraud Software Protects Originators, Homeowners
First American CoreLogic, the real estate and mortgage data business unit of the Santa Ana, Calif.-based First American Corporation (FAF), released two products to monitor and detect potential mortgage fraud against consumers and loan originators. LoanSafe Fraud Manager is a software product for loan originators that, based on comparisons from a database of previous loan data, alerts originators of potential fraud cases. First American CoreLogic said in product testing of this latest version of the software, it identified two times more fraud and early payment default risk than alternative anti-fraud products and fewer false-positive results. “LoanSafe Fraud Manager is the technology solution powering our recently introduced 2X mortgage fraud guarantee, which assures current and prospective clients that they will identify twice the level of fraud exposure compared to any other mortgage fraud product or there will be no charge for the measurement time period,” said First American CoreLogic senior vice president of fraud analytics Tim Grace. “This new release of LoanSafe Fraud Manager incorporates our unique and patented technology and reinforces our clear leadership in the area of mortgage fraud prevention.” First American CoreLogic is launching a second product, eProperty Watch, a free service for homeowners that provides regular e-mail with property value updates, recent sales, price trends and foreclosure activity in their neighborhood as well as public filings against their property. First American CoreLogic said its product can help homeowners detect potential “house stealing” scams — a type of identity theft where a thief fraudulently assumes the homeowners identity to transfer title of a property away from its rightful owner. “We want to do everything we can to help homeowners protect their investment in their home,” said First American CoreLogic CEO George Livermore. “In this difficult real estate market, homeowners have become keenly aware of the need to monitor the value of their home, watch for real estate trends that affect their community and protect themselves against fraud. This is an easy way for homeowners to make sure they’re on top of the activity affecting the value and security of what is, for most people, their largest investment,” he added. Write to Austin Kilgore.