Mortgage technology provider AppIntell today launched a new loan fraud prevention product that aims to minimize risk and detect potential early payment defaults.
The company worked with mortgage giant Freddie Mac to customize a prior version of its fraud prevention tool, and now is marketing the new version to the mortgage industry under the name “Sherloq.”
AppIntell’s core technology products validate borrower data, subject property information, appraisal and appraiser information, check for predatory lending compliance and determine whether a loan is high cost to minimize the risk of loan fraud for lenders.
“At least half of all early payment defaults can be linked back to fraud,” AppIntell CEO Stephen Gott said.
Fraudulent conduct ranges from false income statements by borrowers to elaborate mortgage fraud schemes, he added.
AppIntell provides fraud training for investor agencies, lenders, the FBI and the Mortgage Banking Association.