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CoreLogic Releases Product to Determine Borrowers’ Income

Analytics firm ""CoreLogic"":http://www.corelogic.com/ released Tuesday a real-time fraud assessment and income estimation tool designed to help users comply with recent federal mandates that require lenders to validate borrowers' ability to pay.

The program aims to make it possible to confidently lend to people who have little or no credit history.


IncomeAdvisor is an income assessment tool for mortgage and auto lenders, consumer loan providers and card issuers.

It provides users with a fraud score and confidence level as well as an estimate of the potential borrower's income level.


""IncomeAdvisor comes at a crucial time when having a reasonable and real-time estimation or borrowers' income is vital to profitable decision making,"" said Tim Grace, SVP of product management and analytics with the Santa Ana, California-based company.

He continued, ""With CoreLogic's unique data, patented fraud-scoring technology, and real time availability, lenders, issuers, and auto dealers will now have the ability to quickly assess income and fraud risk and extend their market reach to borrowers with less credit history.""

The IncomAdvisor is able to instantly generate a report for each borrower. Using statistical models, income percentiles, and patented technology, the program will display:

• An overall income risk assessment of ""high,"" ""medium,"" or ""low"" based on model fraud risk evaluation.

• An income fraud score of 1-999 which predicts the likelihood that the information provided by the applicant is false.

• Alerts which point out which areas that need further attention.

• An estimated monthly income for the borrower.

• Two additional income estimates based on configurable options.

About Author: Joy Leopold


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