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Mortgage fraud is the third highest financial crime, and financial institutions reported losses of approximately $1.4 billion in 2008, an 83 percent increase from 2007. Loss projections in 2009 are estimated at an astronomical $6 billion. Few things pose a greater risk or are harder to detect than fraudulent loans.
Mitigating your exposure to and losses from fraud is critical to your success.
Before you fund a loan or approve a modification, it is essential you identify potential borrower misrepresentations. LPS Applied Analytics offers identity, income and employment verification in an online paperless environment.
In addition to identifying and preventing borrower fraud, you must also consider collateral fraud. With an extensive suite of valuation solutions, including automated, desktop and field, as well as the largest real estate database, LPS Applied Analytics makes it simpler for you to determine the current property value.
For more information on LPS Applied Analytics’ fraud solutions:
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