First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation, announced the launch of FraudGuard Home Equity, a new single-source solution for fraud risk management designed and configured specifically to help home equity lenders streamline their use of third-party vendors, while reducing costs and improving efficiency.
The FraudGuard Home Equity solution identifies u********** liabilities, validates identity, detects occupancy discrepancies, checks all applicable loan participants (including borrowers and employers) against industry exclusionary lists, and instantly provides a comprehensive property valuation report complete with property type, listing status and homeowner and condo association data. The solution, which integrates with all leading loan origination systems, covers 100% of residential properties in the U.S. and has targeted risk alerts specific to the home equity transaction that help lenders efficiently identify potential misrepresentation.
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“With this sophisticated, streamlined solution, lenders can assess the risk on a potential home equity loan using one centralized tool that analyzes all appropriate risk categories,” said Paul W. Harris, general manager, mortgage analytics for First American Data & Analytics. “The FraudGuard Home Equity solution provides a cost-effective and efficient way for lenders to close home equity transactions, while continuing to meet the quality standards of their origination process.”
The FraudGuard Home Equity tool is a customized version of the company’s industry-leading FraudGuard fraud analytics solution, which leverages public, private and proprietary data sources to help lenders identify risk and assess overall loan quality.
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