Industry News

Fraud prevention technology on the rise

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A real estate collateral valuation and appraisal review product provider is offering an automated loan fraud-screening tool, responding to a growing need for early loan fraud detection in the mortgage lending industry. Fidelity National Information Services' Hansen Quality, a division of Fidelity National Financial, has launched HQ FraudID, a product that aims to help mortgage lenders and investors detect identity fraud and other intentional misrepresentation on new loans or on loans in existing portfolios. The HQ FraudID report searches more than 70 potential risk indicators to determine the level of risk associated with each potential borrower, including multiple verifications of the borrower(s) name, address, Social Security number, phone number, and other information. The results of the verifications are summarized and assigned an Identity Fraud Score, which indicates the severity of risk factors detected for identity theft, intentional misrepresentation, fraud, or elevated cre...