Fraud risk is growing as the market shifts away from traditionally low-risk refinances and moves toward a purchase and home equity driven market. First American Data & Analytics’ FraudGuard solution, a leading fraud, compliance and verification suite, is the right product for these market conditions, as it significantly reduces fraud risk. The industry-leading solution integrates the industry’s largest property ownership and public record data sets, including homeowners’ association contact information, helping lenders accelerate decision-making and increase pull-through rates.
In an environment where lender profit margins are under pressure, FraudGuard enhances efficiency through integrations with leading loan origination software platforms and bolsters analytical accuracy, while reducing alert review rates without creating greater exposure to fraud risk and buyback demands.
First American has also partnered with industry leaders, like Equifax, to create more efficient workflows within FraudGuard, such as enhancements to its Undisclosed Debt Monitoring solution, which allows for automatic, ongoing monitoring of the borrower’s credit report during mortgage origination.
Continuous Investment in Enhancements
First American is continually fine-tuning and customizing FraudGuard to enhance its scalability, and further reduce the need for non-critical reviews. FraudGuard’s latest release includes analytics that simplify the review process by streamlining the data collected from the loan application. This update will allow the platform to, over time, produce even deeper insights into the risks associated with the borrowers, subject property and all participants in the transaction.
Additional updates to the process workflow incorporate more Uniform Residential Loan Application and loan participant data to produce more insightful analytics.
Flexible Configurations and More Options to Streamline Workflows
FraudGuard’s flexible configuration options allow lenders to tailor channel-specific versions to their specific needs. For example, different levels of reports match the different needs and risk tolerances of purchase mortgage originators, correspondent lenders and home equity originators.
In 2021, First American also rolled out a new, innovative fraud scoring model, AppIntelligence Score, that can be used in conjunction with FraudGuard to help underwriters spend their time evaluating the loans that have the most risk and streamline the evaluation of the loans with the least risk.
Backed by Superior Service and Commitment to Leadership
Clients of First American Data & Analytics appreciate the collaborative approach to client relationships, the continued investment the company has made in its mortgage analytics products, and its commitment to industry leadership in data quality, analytics, customer support and unique product development.