Ocwen Adopts Mortgage Fraud Screening Solution for Portfolio Acquisition
BasePoint Analytics, a fraud analytics and consulting services provider, said Monday that subprime servicing giant Ocwen Financial Corporation (OCN) had selected BasePoint’s FraudMark solution to enhance its fraud and risk management program on acquired portfolios. Prior to production use, FraudMark was tested on a mortgage portfolio Ocwen was purchasing; BasePoint said that during the test, the FraudMark solution precisely identified high risk loans that, after due diligence, proved to be fraudulent. "Ocwen is committed to minimizing the risk for our investors by detecting and preventing mortgage fraud," said James Zeldin, senior vice president of mortgage services at Ocwen Financial. "Our use of the BasePoint FraudMark score enables us to better protect our customers and investors from fraud." The FraudMark score provides investment banks with the ability to review and verify only the riskiest loans, minimizing the due diligence sample and enabling the majority of loans to be quickly and securely passed through the fraud screen for purchase. Over the past year, BasePoint claims that its FraudMark score has helped investment banks prevent over $1 billion in suspicious loans from purchase. For more information, visit http://www.basepointanalytics.com.