MARI® Loan Fraud Alert Service Pro
A Layered Approach to Early Fraud Detection
With losses totaling billions of dollars, mortgage fraud continues to plague the industry. Performing an appropriate level of due diligence on each mortgage loan application can be costly, time-consuming and complicated.
MARI Loan Fraud Alert Service (LFAS) Pro provides a cost-effective, simplified and layered approach to help protect lenders from exposure to economic risk and brand damage resulting from mortgage loan application fraud and dishonest business relationships.
Like MARI Loan Fraud Alert Service (LFAS), LFAS Pro compares loan application data across loan pipelines submitted by your own organization and other participating mortgage lenders on a daily basis to help uncover patterns of common mortgage fraud schemes prior to origination.
However, LFAS Pro doesn't stop there. The solution also provides valuable insight into the industry professionals that comprise the loan transaction, such as the mortgage broker, appraiser and closing attorney.
LFAS Pro integrates several components of an effective Identity Risk Management program that help you determine if a particular transaction is at risk:
- Identity Verification:
If your applicant's identity is in question, you're already at risk.
Leverage the proven capability of our Identity Verification Service, which can help you authenticate and verify the identity of a borrower, and determine if a borrower is using additional aliases or Social Security numbers.
Coming Soon: InstantID® with Red Flags Rule Report.
- Professional Licensing Verification:
Determine up-front if your business transactions are susceptible to fraud.
With the Mortgage Industry Data Exchange® (MIDEX®), the industry standard for licensing and credentialing, you can quickly identify whether brokers, appraisers and realtors are appropriately licensed and if they have been licensed in a different profession or state.
- Professional Credentialing Verification:
Find out if they're hiding anything from their past.
MIDEX can also help you unearth negative activity, public disciplinary and other derogatory information about professional third parties, and is the only industry-contributed repository used for initial and ongoing verification and credentialing of professionals and companies.
With better up-front visibility into potential risk factors associated with a transaction, LFAS Pro helps you identify potentially fraudulent activity — before funding ever takes place.
* Source: Federal Bureau of Investigation, "Financial Crimes Report to the Public Fiscal Year 2006," http://www.fbi.gov/publications/financial/fcs_report2006/financial_crime_2006.htm#Mortgage, (18 Jul 2008).