Collaboration will help mortgage lenders verify settlement agent information and prevent wire fraud
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, announced it will offer Settlement Agent Risk Assessment services from Secure Insight™ as part of its LoanSafe Fraud Manager™ solution. This agreement with Secure Insight enables CoreLogic to provide detailed information on settlement agents to help improve wire fraud prevention.
LoanSafe Fraud Manager is an easy-to-use fraud report and mitigation solution that helps identify mortgage fraud risk by pairing loan application data with CoreLogic proprietary data. Many top mortgage lenders rely on LoanSafe Fraud Manager, which is powered by a mortgage fraud consortium of over 100 million loan applications and known fraud outcomes, along with patented recognition models and one of the industry’s most comprehensive property databases.
“Incidents of wire fraud during the settlement process can not only derail a loan closing, but they can also lead to millions of dollars in losses for lenders,” said Cres Hay, senior leader of fraud solutions at CoreLogic. “The inclusion of detailed settlement agent data from Secure Insight allows LoanSafe users to screen settlement agents before closing to spot potential issues.”
Secure Insight is the first company to offer a standardized risk management process and information database of fully vetted mortgage closing professionals. In doing so, the company protects both consumers and lenders from fraud and helps ensure they meet federal regulatory requirements. Secure Insight also delivers the most advanced closing fraud risk analysis in the industry and meets all risk management requirements for third-party vetting of vendor relationships.
“For the past nine years, we have been building the most comprehensive and reliable database of closing agent risk data in the industry,” said Andrew Liput, founder and CEO of Secure Insight. “We are excited that CoreLogic has invited us to join their team to make LoanSafe even more powerful.”
Source: CoreLogic Press Release