|A unit of The First American Corp. has acquired a firm that specializes in mortgage fraud prevention.
Former BasePoint president and chief executive officer Tim Grace will serve as a senior vice president of fraud analytics under the new regime.
Among BasePoint’s offerings FraudMark, which provides automated loan verifications and default risk scores; DefaultRisk score, which helps assess default risk within loan portfolios; and a fully automated hosted solution that enables quick access to the 4506-T report.
First American CoreLogic provides loan performance reports, risk modeling and regular reports on default risk by market.
Today’s statement said the acquisition was borne out of a strategic partnership launched in 2005 where First American took a 40 percent ownership interest in BasePoint.
“The complete acquisition of BasePoint Analytics provides an opportunity to intensify and accelerate the combination of First American CoreLogic’s data and analytic resources with BasePoint Analytics’ proven fraud technologies,” First American CoreLogic CEO George Livermore said in the statement.
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