BrokerageIndustry News

Program snoops for short-sale ‘flops’

System designed to detect unethical activity by agents

Mortgage data aggregator CoreLogic has launched a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there's more than one loan application pending on the same property.CoreLogic's Short Sale Monitoring Solution is also designed to uncover patterns of unethical behavior by real estate agents and others involved in short sales, the company said earlier this month in inviting lenders to join a consortium that is sharing loan application and transaction data in order to detect fraud.Lenders participating in the CoreLogic Mortgage Fraud Consortium will gain the ability to track real estate brokerages and agents "across multiple lender relationships," the company said.In announcing the launch of CoreLogic's Short Sale Monitoring Solution, the company said lenders who handle about 65 percent of mortgage loan applications have joined the consortium.In a property flop, unethical real estate agents may fail to submit an...