Corelogic Integrates Real-Time Identity Risk Insight From ID Analytics Within Next Generation Loansafe Fraud Manager
Mortgage Lenders to Gain Additional Risk-Management Power from Fusion of Industry-leading Insight into Cross-Industry Consumer Identity Behavior
SANTA ANA, CA – CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced a partnership with ID Analytics to enable access to its ID Network® within the CoreLogic next generation LoanSafe® Fraud Manager. The delivery of ID Analytics’ ID Network® Attributes™ within the web-based next generation fraud platform equips mortgage lenders with the most specialized and comprehensive identity data and analytics set available today for fraud- and risk-prevention.
Identity Discrepancy is a Rapidly Growing Trend
Fannie Mae reported identity-related misrepresentations have almost doubled since March 2010 as stated in “Fraud Findings Statistics” reports covering Fannie Mae loan reviews completed from 2008 through February 2011. According to these reports identity-related misrepresentations increased from seven percent in March 2010 to 13 percent in February 2011. To address this growing problem, the incorporation of ID Analytics’ identity risk solutions into the next generation LoanSafe Fraud Manager makes more than 30 unique identity-related attributes available to lenders for use when creating enhanced identity-focused rules and workflow appropriate for their loan programs or risk criteria.
“Our decision to integrate identity attributes and information from ID Analytics in the CoreLogic next generation LoanSafe Fraud Manager platform shows our continued commitment to delivering to mortgage lenders the most powerful risk mitigation solutions possible,” said Tim Grace, senior vice president of Product Management and Analytics at CoreLogic. “Equipping fraud prevention teams with early alerts and truly advanced, actionable analytics gives mortgage lenders a significant advantage in this highly challenging business climate.”
Real-time, Reliable Identity Visibility Across Industries with ID Analytics
ID Analytics leverages its ID Network, a proprietary network of consumer identity activity from credit card issuers, banks, retailers, online, telecommunications providers, utilities, and subprime, mortgage, and auto lenders to deliver a highly accurate, real-time view into the risk posed by an individual loan applicant based on his or her behavior and financial activity over time.
“Using comprehensive, dynamic consumer behavior insight provides an important tool against the mortgage fraud challenge,” stated Jay Foley, executive director of Identity Theft Resource Center. “By incorporating the services of ID Analytics, CoreLogic will be presenting one of the strongest tools for defeating fraud that is available. When industry leaders work together to proactively identify misrepresentations or discrepancies in loan applications, such as identity information, consumers and lenders both benefit from reduced financial losses.”
“ID Network Attributes offers users of the next generation LoanSafe Fraud Manager more visibility into consumer identity behavior over time and streamlines verification processes by identifying: discrepancies in name and date of birth, the number of times a Social Security number has been used to apply for credit or services, or the number of times fraud has been reported at an address over a specific period of time,” said Dr. Stephen Coggeshall, chief technology officer at ID Analytics, Inc.
Comprehensive Business Intelligence and Patented Pattern-recognition Technology
Next generation LoanSafe Fraud Manager is the only mortgage fraud analytics solution available that leverages patented pattern recognition technology and offers comprehensive business intelligence and decision making by harmonizing data, analytics, policy, strategy and operational workflow. In addition, next generation LoanSafe Fraud Manager:
- Effectively targets which loans should be worked based on data and analytics
- Allows lenders to customize their criteria based on best practices, and change those criteria as needed.
- Helps lenders easily and rapidly deploy new data sources and new analytics, including rules, scorecards and pattern-recognition models.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic is a registered trademark of CoreLogic. The names of other companies and products mentioned herein are the trademarks of their respective owners.