Industry News

New weapon for real estate fraud detection

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Mortgage lenders can now instantly filter legitimate from potentially fraudulent loans at the point-of-application with a loan validation product now integrated online. Verification Bureau, specializing in mortgage fraud prevention products, introduced 1003AppScan, which validates all the information on a 1003 residential loan application form for data integrity. The 1003AppScan also scans the loan officer, broker and any other third parties involved in the transaction, such as real estate agents, closing agents, developers and gift donors. The product performs more than 150 different fraud tests. Within 15 seconds, it pinpoints any data inconsistencies and potential fraud, such as property flips, identity fraud, employment misrepresentation, false income, occupancy fraud and immigration status misrepresentation, among many others, in a comprehensive fraud report. According to the FBI, mortgage fraud is a growing problem throughout the country. 1003AppScan includes an automated ...