Tool Detects Fraud before Closing Table
A week after President Barack Obama signed a $490m piece of mortgage fraud legislation into law, effectively allocating substantial chunks of funds to government and regulatory departments to pursue suspected fraudulent mortgage loans, one service provider is partnering to expose potential fraud long before lenders close mortgage loans. Risk mitigation, regulatory compliance and fraud detection service provider Interthinx today unveiled the integration of its fraud prevention tool with loan origination software company MortgageDashboard. The partnership allows for mortgage bankers who use the loan origination software to catch potentially fraudulent activity through the automatic screening tool. The detection tool, called FraudGUARD, measures and scores fraud risk against public, private and proprietary data sources, including shared data and findings from the millions of mortgage applications running through Interthinx's systems. The integration of the product allows MortgageDashboard users to catch potentially fraudulent mortgages long before the closing table while using the software's loan application processing system. "Mortgage fraud continues to impact the industry in insidious and highly destructive ways, and Interthinx is committed to aligning with companies...that share the common goal of fighting fraud at origination," Interthinx president Kevin Coop says in a media statement today. Write to Diana Golobay.