MReport July 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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4 | TH E M R EP O RT MTECH Tackling Mortgage Fraud CORELOGIC HAS INTRODUCED A NEW MODEL THAT ACCOUNTS FOR RECENT CHANGES IN MORTGAGE FRAUD TRENDS. C alifornia-headquartered global property infor- mation, analytics, and data-enabled solutions provider CoreLogic recently hosted its 2019 Mortgage Fraud Consor- tium. During the invitation-only event, CoreLogic announced its newest version of the Fraud Risk Score Model—version 4.0. Delivered within the LoanSafe product suite, the model ac- counts for recent changes in mortgage fraud trends while leveraging new data assets. Integrated into the LoanSafe solution, the updated model pro- vides more transparency into how the Fraud Risk score is calculated through integration of alert pre- dictive 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 ver- sion of the Fraud Risk Score will be released in the summer of 2019. Drawing experts from more than 30 top financial institutions, this year's event was held in San Diego, California, 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 of- ficials are working to identify and combat the latest fraud schemes. Additional insights included case studies and best practices to help improve mortgage fraud preven- tion practices. "This year's Mortgage Fraud Consortium was another suc- cess, providing leading industry professionals with the opportunity to learn about the latest mortgage fraud trends while collaborating on ways to reduce future risk," said Bridget Berg, Principal of Fraud Solutions at CoreLogic. "According to our latest research, the country has seen a 10% 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." Compliance Goes Digital THE INTEGRATION OF TWO LOS PLATFORMS WILL HELP USERS PERFORM REAL-TIME AUDITS FOR REGULATORY COMPLIANCE. C omplianceEase, a provider of automated compliance solutions to the financial services industry has integrated its ComplianceAnalyzer with LendingPad, the cloud-based loan origination system (LOS) from WEI Technology LLC. With this integration, LendingPad users can perform re- al-time audits for regulatory com- pliance violations without leaving their LOS. ComplianceAnalyzer audits both first mortgages and home equity loan and lines for federal, state, and local require- ments, including state predatory lending issues; changes in terms and fees; audit tolerance across all disclosures and changed circum- stances; and track post-consum- mation disclosures. "We designed LendingPad with the needs of today's lender in mind," said Wes Yuan, Managing Director of WEI Technology. "By integrating with the most compre- hensive auditing solution in the market, we're helping our lender customers not only ensure regula- tory compliance, but also become more efficient." "With origination volume down and costs to close up, lenders are looking to technol- ogy for a competitive edge," said Sanjay Tibrewal, SVP of Product Management for ComplianceEase. "Our integration with LendingPad helps more lenders streamline compliance processes to help accel- erate closing, deliver a better bor- rower experience, and ultimately grow their businesses." A Secure Lending Environment As the mortgage industry further embraces emergent technology, take a look at initiatives and programs that are improving customer experience in a safe and secure manner.

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