Data aggregator and analytics company CoreLogic is offering mortgage lenders free 30-day trials of its real-time income validation tool, IncomeAdvisor.
IncomeAdvisor is designed to help lenders determine whether borrowers are overstating their claimed income, using an analytics model to flag loan applications for further investigation.
The tool evaluates claimed income using an income fraud score and predicted monthly income amount, CoreLogic said, enabling lenders to see deviations between estimated income and reported income.
IncomeAdvisor taps into a database containing information on more than 90 million loans, provided by members of the CoreLogic fraud consortium. Last fall, CoreLogic said lenders who originate 70 percent of U.S. mortgages were participating in the consortium, which was created to help detect short-sale "property flops" and other mortgage fraud.
CoreLogic says falsified income accounts for 23 percent of mortgage fraud. IncomeAdvisor can be used in conjunction with CoreLogic LoanSafe Fraud Manager and CoreLogic 4506-T Income Verification services, the company said.
Mortgage and auto lenders, consumer loan providers and credit card issuers who apply by May 11 can try IncomeAdvisor free for 30 days, CoreLogic said. The company said it will process up to 15,000 loan applications per organization during the free trial period.
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