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by CareyBot

BasePoint Analytics says it's developed a statistical scoring method of identifying mortgage applications and loans that are at the highest risk of early payment default, offering the service for about $6 to $10 per application scored. Lenders can use BasePoint EPD alert to score all new applications, and then subject 10 to 15 percent of those loans for further targeted reviews, the company said. In a test in which EPD alert was used to score past loans and 10 percent were targeted for further review, the software would have reduced by half the dollar volume of loans that later experienced early payment defaults (EPDs), the company said. "Other solutions require you to investigate a much higher percentage of loans to get that 50 percent" level of EPD detection, said BasePoint Analytics sp...