CoreLogic recently held its 2019 Mortgage Fraud Consortium for mortgage fraud risk professionals. During the invitation-only event, open only to CoreLogic Fraud Consortium members, CoreLogic announced its newest version of the Fraud Risk Score Model, version 4.0. Delivered within the LoanSafe product suite, the new model accounts for recent changes in mortgage fraud trends while leveraging new data assets.
Drawing experts from more than 30 top financial institutions, this year’s exclusive event was held in San Diego, Calif., and featured speakers from the FBI, Fifth Third Bank, Cognizant, Fannie Mae, Freddie Mac, and more. The event revolved around the theme of current fraud trends and what they mean for the future market. Program discussions ranged from procedures to improve fraud detection to the impact eroding housing affordability has on fraud risk to how law enforcement officials are working to identify and combat the latest fraud schemes. Additional insights included case studies and best practices to help improve mortgage fraud prevention practices.
“This year’s Mortgage Fraud Consortium was another success, providing leading industry professionals with the opportunity to learn about the latest mortgage fraud trends while collaborating on ways to reduce future risk,” says Bridget Berg, principal, Fraud Solutions at CoreLogic. “According to our latest research, the country has seen a 10 percent increase in fraud risk from Q1 2018 to Q1 2019. This continual increase reinforces the need for this annual event and we’re proud to continue helping mortgage loan providers mitigate risk and fight back against fraud.”
During the event, CoreLogic shared details of the LoanSafe Fraud Manager roadmap and announced version 4.0 of its Fraud Risk Score Model. Integrated into the LoanSafe solution, the updated model provides more transparency into how the Fraud Risk score is calculated through an integration of alerts predictive of fraud risk. The updated score was designed based on feedback from CoreLogic clients and will help make lenders more efficient in their fraud detection practices, ultimately saving them time and money. The latest version of the Fraud Risk Score will be released in the summer of 2019.
The 2020 Fraud Consortium event will be held at the Salamader Resort in Middleburg, Va., from April 8-10. The event will be open to all members of the CoreLogic Mortgage Fraud Consortium and users of the CoreLogic LoanSafe solution. Industry professionals interested in joining the group can reach out to loansafe@corelogic.com to learn more.
For more information, please visit www.corelogic.com.
