LoanSafe - FraudMark
Scammers. Con artists. Cheats…whatever you call them, mortgage fraudsters wreak havoc.
LoanSafe-FraudMark from CoreLogic is a fraud detection and prevention tool, enabling easy identification of suspect mortgage loans. It works by applying predictive, advanced analytics to multiple datasets with patented technology. The end result is a loan ranking score for every application and an easily understood report. Risk management becomes more efficient and fraud defences become much stronger.
- Determine fraud risk - identify risk patterns (including behavioural trends), leverage historical patterns of fraudulent and non-fraudulent loans, identify clusters of statistically unusual behaviour and score loan applications to reduce false positives to identify the likelihood of loss before applications progress to offer or approval phases.
- Use your investigative resources efficiently - LoanSafe-FraudMark has a fraud ranking system, enabling investigators to be easily directed where they’re needed most: to the high risk loans.
- Bolster your defences - LoanSafe-FraudMark can be implemented as a standalone tool or integrated into existing systems to work seamlessly with other application fraud screening tools.
Mortgage Misrepresentation Risks
- Loan ranking score: applications are scored from 1 - 999. 1 indicates little fraud risk, whereas 999 warns of high fraud potential.
- Unique detection approach: LoanSafe assesses the application as a whole, not just referencing known fraud data. Patented technology to alert to what’s not believable: what doesn’t add up.
- Efficient risk management: rankings are customised to various application types (e.g mainstream residential Vs. investor) and to an organisation’s pre-determined high risk threshold (an optimal score driven by your risk appetite and investigative resourcing). High risk loan? More detailed investigations commence. Low scoring application? Divert focus of investigators elsewhere.
- One page report for quick and easy assessment: displays the loan application’s fraud ranking score and top fraud indicators (with explanations and invaluable additional information for investigators) including:
- Fraud categories: risk types are categorised into income, employment, property, occupancy and identity.
- Risk indicators: 70 alerts highlight specific risk, with up to 3 displayed per risk category.
- Recommended actions: Suggested investigative approach for alerted anomalies.
- Percentile information: Evaluate the income, property value and loan amount with geographic referencing.
- Comes complete with best practice training and can be implemented as a standalone tool or integrated into existing systems.