A California company helps lenders prevent mortgage fraud with a technology that has reportedly reduced credit card fraud significantly.
BasePoint Analytics announced today new fraud detection technology that analyzes behavioral trends for loan applicants, mortgage brokers and appraisers. The product, dubbed FraudMark, also uses historical patterns of both fake and legitimate loan applications.
Most mortgage prevention fraud products compare application data with third party data, the Carlsbad-based company said. But the rise in identity theft reportedly enables bad loans to slip through these systems.
BasePoint, which touts its services at www.BasePointAnalytics.com, claims its technology is far superior at predicting mortgage fraud.
“The credit card industry has driven down fraud losses by 70% through the use of pattern recognition technologies,” said BasePoint President Tim Grace in the announcement.
“FraudMark goes beyond traditional ‘red flag’ tools with neural network technology that incorporates a full view of the application plus historical behavioral patterns,” First American Real Estate Solutions’ chief technology officer was quoted as saying in the statement.
