New Software Reports Consumer, Transaction Risk to Lenders
First American Credco released Encore, a consumer credit report software that provides Fair Credit Report Act-compliant risk analysis for elements of the mortgage application and servicing processes. The software uses thousands of consumer data points covering 99% of the population, over 100m active loans and more than 600m consumer data records to compile reports on the risk view of the consumer and lending transaction, Credco said. “Dramatic shifts in the economic environment along with estimated annual fraud losses reaching $25bn have forced mortgage professionals to reevaluate how consumer and collateral data is qualified,” said John Bauer, executive vice president of business development for First American Credco. “Encore satisfies a very timely and critical need for accurate, reliable and thorough decisioning data that lenders and servicers can use to quickly evaluate and help mitigate risk on every loan transaction or portfolio.” Encore reports are derived by public, private and proprietary data sources to create various reports, including an at-a-glance summary of consumer and mortgage factors, property status, credit information and identity and income verification. Credco is the credit reporting business unit of First Advantage (FADV), a subsidiary of the First American Corp (FAF). Write to Austin Kilgore.