Industry NewsTechnology

Digital Risk technology fights real estate loan fraud

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As real estate loan fraud mounts across the country, more technology companies are throwing their hats into the ring of fraud-fighting solutions. Digital Risk's software evaluates loans to help mortgage lenders avoid real estate loan fraud, using identity authentication services. The system flags worrisome elements in loan applications, using red for the most marked problems and orange for less urgent issues. Residential real estate loan fraud is a national epidemic, costing communities nationwide an estimated $1 billion in 2005, compared to $429 million in 2004, according to the Federal Bureau of Investigation. Experts in the field advocate a combination of employee training and technology as the optimal way to fight mortgage fraud. Read the Inman News white paper, "Inside Real Estate's Fraud Crisis: Schemes that Hijack the American Dream." Digital Risk's identity and income verification product, called RiskIQ, allows lenders to confirm the identities and incomes of potential borrowe...