HousingWire recently spoke with Robert Karraa, President of First American Data & Analytics, on how lenders can better identify fraud risks and errors in mortgage applications. At First American Data & Analytics, tailored fraud solutions detect fraud risks and mortgage errors early on, so lenders can manage high volumes more effectively. Now, more than ever, lenders need a solution that creates more efficiencies so they can better manage high volumes. In addition Robert answers questions on the recently announced data & analytics division, what it means for lenders and what other exciting things we can expect in the upcoming months.
Q: Fraud has been a hot topic as of late, how does First American Data & Analytics help lenders identify risks of fraud?
A: Our company has been an established leader in fraud detection for more than 15 years. Our FraudGuard alert-based solution uses natural intelligence gained from millions of loan applications and eventual outcomes to assist underwriters to note abnormalities in application data. While still extremely effective, larger volume lenders expressed a need to create even more efficiencies in workflow and to help them focus efforts on the highest risk applications. This is why we introduced the AppIntelligence Score (AI Score) fraud solution earlier this year. AI Score is a powerful new fraud pattern-recognition score that enables high-volume lenders and investors to more precisely identify the risk of fraud and early payment default on both new mortgage applications or a portfolio....
Q: You recently announced First American's Data & Analytics Division. What does this rebrand mean for lenders?
At the end of last year, we rebranded our data division as First American Data & Analytics. The rebrand was the culmination of a multi-year effort to build a world-class, property-centric data operation that could deliver critical risk management, analytics, valuation and marketing solutions...
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