MARISM Loan Fraud Alert Service
Early Identification of Mortgage Fraud Risk
Mortgage fraud is constantly evolving and difficult to detect. Mortgage loan professionals and investors need a tool that can help uncover potentially fraudulent transactions - before they happen.
MARI Loan Fraud Alert Service identifies loan applications with common fraud patterns during origination, streamlining the application process and safeguarding against preventable losses.
Industry-Contributed Database: Strength in Numbers
Usually, by the time mortgage fraud has been detected, the loan has to be written down as a loss. With the MARI Loan Fraud Alert Service, information is updated in batch files on a daily basis across multiple loan providers. It then performs a comparison analysis of your loan-level data against industry-contributed data, also on a daily basis - increasing the likelihood of uncovering fraudulent mortgage schemes before they can impact your bottom line.
You'll receive alerts on any inconsistencies in loan application information that could be related to various fraud schemes. It even suggests the type of fraud that may have been committed, improving risk-based decisioning.
MARI Loan Fraud Alert Service looks for indicators of common fraud schemes, including:
- Chunking by identifying multiple closings for a single borrower managed by a third-party that requires the assistance of an appraiser, broker and/or a title company representative.
- Double escrows or silent seconds by identifying an undisclosed second escrow or mortgage for the same property.
- Flipping by displaying when a property has been appraised at a much higher value in a relatively short period of time.
- Multi-lien (aka "shotgunning") by alerting you of multiple applications for a single property.
- And more!
MARI Loan Fraud Alert Service results only display variances in application information - so you're not sifting through mounds of loan data to identify inconsistencies. In addition, a risk indicator, or report card, helps you quickly prioritize your loan due diligence efforts. You can easily delegate tasks within your organization for further investigation, as well as maintain an audit trail of any flagged transactions for future reference.
Furthermore, your confidential loan data is also kept just that: confidential. Any sensitive information is truncated so as not to reveal your proprietary loan information.
MARI Loan Fraud Alert Service. Strength in numbers.
