A Web-based service that allows lenders to check loans to make sure they meet regulatory requirements will now also scan for signs of fraud.
BasePoint Analytics today announced a distribution partnership with ComplianceEase, in which the company’s FraudMark technology will be offered to users of ComplianceEase’s Web-based service, ComplianceAnalyzer.
ComplianceAnalyzer is an automated system used by mortgage lenders, banks and investment firms to make sure loans comply with numerous local, state and federal laws.
FraudMark looks for potentially fraudulent loans by analyzing trends in the behavior of applicants, brokers, appraisers and loan officers, and through historical patterns of activity on loan applications, including those that turn out to be fraudulent. BasePoint says that in less than a year, the software has helped lenders put the brakes on more than $500 million in fraudulent loans. Clients include global banks and high volume mortgage lenders who are looking to minimize fraud loss while cutting the time needed to process nonfraudulent loans.