Econintersect: Corelogic has prepared and made available to the public the CoreLogic Mortgage Fraud Prevention and Detection Resource Guide. It is designed for use by financial and government institutions for analysis of possible fraud during mortgage origination, as well as servicing. Fraud in the underwriting process and at closing is also addressed.
The information provided by CoreLogic about the guide does not mention the elements of lending institution control fraud that has been discussed by William K. Black (see Lenders Put the Lies in Liars Loans and Bear the Principal Moral Culpability and The Unanticipated Consequences of MERS: Fraud) and Yves Smith (The Mortgage Mess).Here is the CoreLogic press release:
SANTA ANA, Calif., November 1, 2011—CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today made available the CoreLogic Mortgage Fraud Prevention and Detection Resource Guide as a complimentary tool for financial and government institutions to drive consistent understanding of common mortgage fraud types, trends and best practice mitigation techniques. The guide provides experienced insight into the various risk elements that may be present during origination, underwriting, closing, servicing and fraud investigation, and is a valuable tool for setting risk mitigation policies and procedures.
“Mortgage fraud awareness and best practice mitigation techniques are critical to combating mortgage fraud, and is a commitment we take seriously. As a leader in providing mortgage fraud technology solutions and data, we feel it is our responsibility to share our expertise, and have developed the CoreLogic Mortgage Fraud Prevention and Detection Resource Guide,” commented Dave Johnson, vice president, product line manager of Fraud and Consortium Solutions at CoreLogic. “By publishing this guide for the benefit of the industry there is now another strategic tool in the fight against mortgage fraud that not only provides insight into various risk elements, but also provides key tactics that can be used to mitigate that risk to prevent further financial loss.”
The CoreLogic Mortgage Fraud Prevention and Detection Resource Guide will be updated on a regular basis to incorporate new fraud trends, regulations and proven best practices for preventing and identifying fraud. The guide is available in limited hard-copy quantities as a convenient desk reference as well as electronically.
Visit http://www.corelogic.com/MortgageFraudGuide to download a copy of the CoreLogic Mortgage Fraud Prevention and Detection Resource Guide. Additional mortgage fraud resources can be found at http://www.corelogic.com/about-us/researchtrends/2011-mortgage-fraud-trends-report.aspx.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.