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Fraud Alert & Detection Services
Don’t get caught off guard!
FBI statistics and mortgage industry
fraud experts estimate that 10-15% of all loan applications
contain gross misrepresentations. The actual intent to commit
fraud by borrowers and industry insiders is on the rise.
From 2003 – 2004, the number of mortgage fraud complaints
more than doubled and the FBI believes that the bulk of
mortgage fraud scams go unreported.
Manually identifying applications that
contain fraud while attempting to provide legitimate borrowers
and brokers with a high level of service can be an arduous
task. However, the alternative can result in undue exposure
and financial loss. According to industry sources, financial
losses to business each year totals $35 billion, and each
instance of fraud increases the chance that costs associated
with the lending process will rise.
Informative Research is committed to
the fight against fraud. Our web credit system is TruSecure
certified, providing assurance that IR employs renowned
security processes and technologies in order to maintain
a pro-active and comprehensive information security program.
In addition to the implementation of stringent security
measures, we provide a host of fraud alert & detection
services that allow mortgage originators to identify possible
fraudulent activity, without unnecessarily inconveniencing
the borrower or the process.
Our Fraud offerings help identify fraudulent
or invalid loan applications to protect you from taking
on undue risk. Feel secure in the knowledge that IR will
allow you to recognize fraudulent applicants more quickly,
and permit you to move through the loan process with increased
confidence. Selected key features of our Fraud Alert and
Detection Services include:
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Your
choice of fraud alert and detection products from all
three repositories: Experian Fraud
Shield(SM) formerly FACS +, High
Risk Fraud Alert formerly HAWK™ by TransUnion,
and SAFESCAN™
by Equifax. |
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The ability
to crosscheck items such as Social Security Numbers
(SSNs), current addresses, and telephone numbers from
the loan application against separate fraud databases.
When one or more of these elements is identified as
a potential risk, the credit file is immediately flagged
according to the cause of possible concern. |
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Automated
name checking against the National Fraud Database to
identify falsified or misleading applications. |
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Electronic
credit score verification of hard copy credit reports
using IR Score Validator™ |
Credit Score Validator
The Credit Score Validator™
was designed to assist mortgage lenders and underwriters
while at the same time, providing a level of credibility
to Informative Research customers. With the increase of
non-traditional loan types that allow for no documentation
and stated incomes, there is a potential for more fraudulent
activity. Lenders that accept loan packages with paper,
faxed, or PDF copies of Informative Research credit reports
can now verify those reports via our online Score
Validator.
The recipient of an IR credit report
simply enters the primary borrower’s name, the report
number, and the last four digits of the SSN, and the Score
Validator will return the actual credit scores reported
by the repositories as well as note whether or not a fraud
product had been ordered.
This tool allows the recipient
of the IR credit report to quickly validate the authenticity
of the credit report before undergoing the time and expense
of underwriting the file or ordering a back-up credit report.
Added Benefits
In accordance with the USA PATRIOT Act,
Informative Research has partnered with Experian to provide
an OFAC screening service. IR’s OFAC Alert Service
can be added to our credit reports, smoothing your path
to compliance with federal lender requirements.
The OFAC Alert protects your business
from the time and cost of manually checking borrower records
against the U.S. Treasury’s master list of Specially
Designated Nationals and Blocked Persons which contains
thousands of individual names. Once you request the service,
each credit report checks against that database, and returns
either a match or a message indicating “Submission
of OFAC Request Returned No Results.”
Use IR’s OFAC Alert Service as a
valuable component to streamline your Federal compliance
efforts.
Our sales staff is available to discuss
the benefits of activating Informative Research’s
Fraud Alert & Detection Services. Contact
us today to find out more about our extended capabilities.
For more information on the OFAC
requirements created by the U.S. Treasury Department, visit
the Office
of Foreign Assets Control.
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