AGOURA HILLS, CA, August 25, 2009 — Interthinx® has unveiled a new quarterly report that includes an analysis of the state of mortgage fraud nationally as well as indices for the four most common types of mortgage fraud. The Interthinx Mortgage Fraud Risk Report provides analysis and detailed information on the state of mortgage industry that has not previously been available. Interthinx is a leading provider of proven risk mitigation, mortgage fraud prevention, and regulatory compliance tools for the mortgage industry.
The report covers the second quarter of 2009. Major findings include the following:
The Interthinx Mortgage Fraud Risk Report was created by the new Interthinx analytics team, composed of seven experienced professionals, four of whom hold Ph.D.s. Interthinx established the new unit to provide deeper insight into the extensive pool of data the company amasses from the industry’s use of its FraudGUARD® loan-level fraud detection tool.
“The industry is well aware that mortgage fraud is a growing problem. But before this report was available, there was no easy way to tell precisely where it was increasing at the greatest rate,” said Kevin Coop, president of Interthinx. “The professional team we now have in place gives us the ability to develop very granular detail to shed light on a serious area of concern and provide actionable information for our customers.”
“In the letter we sent to Capitol Hill earlier this year, we made it clear that the economic and foreclosure crises will not end until the quality of loan originations is assured,” Coop added. “We have the technology to stop mortgage fraud prior to the funding of loans, and we now have very specific data to show where the problems are concentrated. This report shows where the tools are being used, and where fraud continues to thrive.”
Interthinx, Inc., an ISO business, is a leading national provider of proven risk mitigation and regulatory compliance tools for the financial services industry. At every point in the mortgage life cycle, Interthinx helps to assess risk and prevent mortgage fraud and compliance violations. More than 1,100 customers — including 15 of the top 20 mortgage lenders and three of the top five largest financial institutions — employ the company’s products and services. Interthinx earned Mortgage Technology magazine’s prestigious 10X Award as “a diagnostic and corrective solution of the highest order,” for its technological expertise in predictive analytics, data mining, and risk scoring. The Interthinx suite of solutions sets the standard for the industry and directly increases the value of client portfolios. For more information, visit www.interthinx.com or call (800) 333-4510.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets.