MortgagePass™ Helps Your Organization Identify And Minimize All Types Of Mortgage And Home Equity Line Of Credit (HELOC) Application Fraud.
Mortgage Lenders continue to grapple with mortgage fraud. Balancing regulatory pressure and consumer demands for expedited processing and decisioning, knowing which applications to flag for fraud risk review is critical.
What It Does
MortgagePass™ delivers groundbreaking predictive analytics to help determine the real fraud risk associated with each conforming (qualifying) and non-confirming mortgage application. Applications are rank ordered based on the statistical propensity that an application contains material fraud or a misrepresentation that is likely to result in severe delinquency or payment default. We do this by leveraging application, loan, and servicing data in combination with the nation’s largest real estate data repositories, third-party online behavioral data, and the Point Predictive proprietary data repository to improve fraud detection rates and reduce false positives. Output indicators are then used to prioritize a deeper loan review.
How It Helps
- Automates up to 30% of loans for streamlining and fast tracking funding.
- Identifies 10% of loans that result in 50% of losses and repurchases.
- Reduces false positives by 60% or more over current solutions.
- Reduced underwriting expense by allowing low risk loans to be routed for a streamlined review and reduced underwriter expense.
- Reduces loss by identifying high risk loans for routing for a more comprehensive risk review before funding.