The California-headquartered global property information, analytics and data-enabled solutions provider, CoreLogic, recently hosted its 2019 Mortgage Fraud Consortium. During the invitation-only event, CoreLogic announced its newest version of the Fraud Risk Score Model— version 4.0. Delivered within the LoanSafe product suite, the new model accounts for recent changes in mortgage fraud trends while leveraging new data assets.
Integrated into the LoanSafe solution, the updated model provides more transparency into how the Fraud Risk score is calculated through an integration of alert predictive of fraud risk. The updated score was designed based on feedback from CoreLogic clients and will help make lenders more efficient in their fraud detection practices, ultimately saving them time and money. The latest version of the Fraud Risk Score will be released in the summer of 2019.
Drawing experts from more than 30 top financial institutions, this year’s event was held in San Diego, California, and featured speakers from the FBI, Fifth Third Bank, Cognizant, Fannie Mae, Freddie Mac, and more. The event revolved around the theme of current fraud trends and what they mean for the future market. Program discussions ranged from procedures to improve fraud detection to the impact eroding housing affordability has on fraud risk to how law enforcement officials are working to identify and combat the latest fraud schemes. Additional insights included case studies and best practices to help improve mortgage fraud prevention practices.
“This year’s Mortgage Fraud Consortium was another success, providing leading industry professionals with the opportunity to learn about the latest mortgage fraud trends while collaborating on ways to reduce future risk,” said Bridget Berg, Principal, Fraud Solutions, at CoreLogic. “According to our latest research, the country has seen a 10% increase in fraud risk from Q1 2018 to Q1 2019. This continual increase reinforces the need for this annual event and we’re proud to continue helping mortgage loan providers mitigate risk and fight back against fraud.”