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 credit risks.

Each HQ FraudID report also provides details regarding the risk indicators used to calculate the scores, as well as information that, while not used in the scoring, may provide direction for further investigation. The report concludes with a specific recommendation for further due diligence needed to minimize losses associated with the subject transaction.

The required fields needed to place an order are borrower name, address (either the subject property or the borrower’s residence), Social Security number, and loan number. Additional input (date of birth, home and work phone numbers, driver’s license number, and subject or home address) allows for more thorough screening.

The technology rates risk on a scale similar to credit scores.

Hansen Quality also announced the launch of Preview FP, which includes the HQ FraudID report and Hansen Quality’s industry-standard Preview collateral risk management report and ValueSure AVM. The HQ Collateral Score is based on multiple verifications of risk indicators, including appraiser performance; areas review history; AVMs; previous subject valuations; and regional economic risk indicators.

The HQ Fraud Score in Preview FP summarizes both of the subject areas critical to evaluating the risk of mortgage fraud in a single score.

Fidelity National Financial provides products and outsourced services to financial companies and the real estate industry.


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