Industry News

Technology to zap mortgage application fraud

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LexisNexis has entered the real estate fraud technology arena with the launch of RiskWise, a screening technology that helps lenders and brokers verify a home loan applicant's identity. RiskWise searches multiple databases to verify and validate the authenticity of an applicant's identity and to provide a risk assessment indicator for lenders. The product is designed to work at various stages in the mortgage cycle, particularly at originations and before funding and is available via Web-based searches, batch-processing or through systems integration in existing platforms. The product includes a Social Security number verification function to help combat identity fraud and reduce misrepresentations on applications. Mortgage industry analysts have estimated that more than 10 percent of home loans have an element of misrepresentation, and law enforcement agencies note that mortgage fraud continues to grow. RiskWise aims to reduce origination costs associated with fraudulent loans Mortg...