Industry News

Fiserv loan origination system adds fraud prevention tool

Aims for early fraud detection in real estate loans

Interthinx, a provider of mortgage fraud prevention tools, has integrated its DISSCO fraud detection and prevention system with Fiserv's easyLENDER Mortgage loan origination software system. As a result of this integration, loans originated in easyLENDER Mortgage can be instantly submitted to DISSCO for automatic screening for potential mortgage fraud. easyLENDER is a product of Fiserv Lending Solutions, a unit of financial information management systems and services provider Fiserv Inc. Mortgage fraud is on the upswing in the United States, with the number of suspicious activity reports to the Federal Bureau of Investigation in 2004 almost triple those in 2003, according to a report the FBI released in May. According to the Federal Financial Institutions Council, up to 10 percent of all mortgage loan applications in the $3 trillion annual U.S. residential real estate market involve some form of material misrepresentation. "Mortgage fraud continues to have a negative impact on the ind...