Industry News

Mortgage tech companies beef up fraud detection

Tool searches for fraud among borrowers, insiders and properties

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DocuTech Corp., a provider of compliance services and documentation technology for the mortgage industry, today announced a partnership with Advantage Credit, a company that provides credit reporting and loan transaction services, to better guard against fraud. The alliance between DocuTech's ConformX and Advantage Credit's LoanShield products provides DocuTech customers with an added layer of security when closing mortgage documents, according to the announcement. LoanShield is embedded into ConformX, a Web-based tool that accelerates the closing process through document management, which gives customers the option to use LoanShield while running their closing documents. "This alliance can potentially save ConformX customers millions of dollars that could be lost to fraud," said Ron Litt, president of Advantage Credit, in a statement. "LoanShield pinpoints fraud among borrowers, properties and even insiders. Having LoanShield rooted within ConformX provides (a) ... fraud-control sol...