Wells Fargo Implements First American CoreLogic’s Fraud Manager Tool

""First American CoreLogic"":http://www.facorelogic.com/, a Santa Ana, California-based provider of advanced property and ownership information, analytics, and services, announced Tuesday that its LoanSafe Fraud Manager is being implemented by San Francisco-based ""Wells Fargo"":https://www.wellsfargo.com/, one of the industry's top mortgage originators.

[IMAGE]

""At Wells Fargo, we are committed to partnering with thought leaders in fraud prevention, like First American CoreLogic, to develop solutions to deter future fraud schemes,"" said Mike Heid, co-president of Wells Fargo Home Mortgage.

LoanSafe Fraud Manager is an advanced fraud prevention technology solution designed to address the needs of lenders seeking to minimize loss from fraud and increase operational efficiency. In addition to the implementation at Wells Fargo, LoanSafe Fraud Manager is now in active evaluation with 10 other lenders, signaling significant market momentum for the solution and continued lender focus on solving the mortgage fraud problem.

The fraud detection solution combines pattern recognition technology with comprehensive property, loan, and mortgage fraud data and provides a risk score. First American CoreLogic fraud scientists have created patented fraud models that assign each loan a fraud risk score spanning from one (lowest risk) to 999 (highest risk).

First American CoreLogic said this loan-level score has been proven to identify potential fraud with the industry's highest level of accuracy. By using these scores, lenders can realize revenue increases through quicker and more efficient underwriting and increase revenue by reducing default and foreclosure-related losses associated with fraud, the company explained.

The fraud prevention technology also offers improved reporting with more loan information categories displayed and alerts grouped by likely fraud types. Additionally, it has more input fields for greater functionality and tracking.

""LoanSafe Fraud Manager offers three important economic benefits critical to lenders today: Cost reduction, cost avoidance, and revenue increase,"" said Tim Grace, SVP of fraud analytics at First American CoreLogic. ""We've listened closely to our consortium members-which include representatives from the top 10 mortgage lenders-in developing this game-changing technology. LoanSafe Fraud Manager's advanced analytic technology, coupled with First American's unmatched borrower, property, and asset information make old methods of fraud detection obsolete, and lenders recognize this.""

Lenders using LoanSafe Fraud Manager are further assured by the First American CoreLogic 2X guarantee, which promises that lenders will save twice as much in fraud losses as they did prior to using LoanSafe Fraud Manager, and the savings will be at least twice as much as the cost of the solution.

First American CoreLogic said a key to LoanSafe Fraud Manager's effectiveness is the company's mortgage fraud consortium, whose members contribute to the largest central repository of application and transaction data in the mortgage industry. The database includes more than 80 million loan applications, or 65 percent of all loan applications annually, and more than 200 million records from servicing data files. Predictive models are created from the consortium's data and used in LoanSafe Fraud Manager.