First American Guarantees Doubled Savings on Fraud Detection
Real estate, mortgage and mortgage securities data provider First American CoreLogic, a member of The First American Corp. (FAF) family of companies, unveiled its "2X" mortgage fraud guarantee, which it said guarantees the company will identify twice the level of potential fraud than a technology from any other fraud solutions vendor, or the trial period will be free. The guarantee assures lenders will save twice as much in fraud losses and that the savings will be twice as much as the cost of the solution, CoreLogic said. The company will work with clients to develop either a production trial or retrospective testing program for measuring its anti-fraud technology. CoreLogic said if its fraud detection technology doesn't identify twice the loss savings compared with competing products and deliver a 200 percent return on investment during the measurement time period, the cost of scoring the loans will not be charged. "Pattern-recognition technology is still a relatively new concept in the mortgage industry, though well accepted in the credit card industry where it has reduced fraud by as much as 70 percent," the company said in a release. "The First American CoreLogic patent covers technology that identifies behavioral trends for applicants, brokers, loan officers, lenders and program types as well as the historical patterns of both fraudulent and non-fraudulent loan applications." Write to Diana Golobay.