CoreLogic, a leading global property data and analytics provider, announced today the introduction of its LoanSafe Explorer service, the newest addition to its fraud and risk mitigation suite, according to a press release.
The company says the new product will assist lenders and services get a more accurate picture of their fraud risk, using macro-level views of organizational structures to help spot potential fraud and trends that may be missed when looking at individual loans.
“The old adage ‘You can’t see the forest for the trees,’ applies quite well to current mortgage fraud practices. That’s why we developed LoanSafe Explorer — to help fraud and risk managers to see their organization from a higher level, enhancing the chances they can spot possible fraud trends they may have missed,” stated Bridget Berg, CoreLogic principal in their Fraud Solutions department.
CoreLogic says that LoanSafe Explorer’s position within its Mortgage Fraud Consortium gives it unique advantage, enabling the service to leverage over 100 million member supplied mortgage loan applications to identify fraud on a larger scale.
The company says this Consortium data is able to analytically derive fraud scores, for example by noticing a loan officer has a much higher incidence of fraud compared to their counterparts, and is able to identify 60% of all frauds within the highest 10% of scores.
By introducing the Explorer product into the existing LoanSafe suite, clients will now be able to access these macro-view risk analysis through the existing LoanSafe Connect platform.
CoreLogic’s combined data currently includes over 4.5 billion records of public, contributory and proprietary property and consumer finance data, spanning over 50 years. The company’s CEO Frank Martell, recently resigned as head of the property data firm after four years in the role (he originally joined the company as CFO in 2011); he will be replaced by COO Pat Dodd.
In other recent proptech news, startup Tomo is breaking into jumbo mortgages and expanding into three news states. Curbio is also eyeing the West Coast luxury market via a strategic partnership with Corcoran Global Living.