AGOURA HILLS, CA, March 28, 2011 — Interthinx has released its annual Mortgage Fraud Risk Report, which highlights some of the most significant mortgage fraud risk trends based on analysis of loan applications processed in 2010 by the Interthinx FraudGUARD® system. Updated quarterly, Interthinx Mortgage Fraud Risk Reports provide deeper insight into current fraud trends through analysis of the extensive pool of data the company amasses from the industry’s use of the Interthinx FraudGUARD® loan-level fraud detection tool. According to the annual report: overall mortgage fraud risk is highest in areas with high levels of foreclosure activity; criminals may be migrating to those areas; and frauds “for property” (that is, fraud for homeownership) must be identified and addressed going forward with the same urgency as frauds “for profit.”
More detailed points highlighted by Interthinx analysts include:
“As lenders acclimate to changing government regulations and economic conditions, so do the fraudsters,” said Kevin Coop, president of Interthinx. “Our most recent analysis indicates that fraud risk is on the rise again and that fraudsters are migrating to stay ahead of efforts to stop them. Most disturbing is the link between foreclosure activity and mortgage fraud. It’s critical that we, as an industry, tirelessly keep our guard up and think as creatively as the criminals. To do that, lenders need the best business intelligence available, and I’m very proud that our quarterly report has become an essential tool in their mortgage fraud risk mitigation efforts.”
For more information about the Interthinx Mortgage Fraud Risk Report, visit http://www.Interthinx.com.
Interthinx, a Verisk Analytics subsidiary, is a leading national provider of comprehensive risk mitigation solutions focusing on mortgage fraud, collateral risk and valuation, regulatory compliance, forensic loan audit services, loss mitigation, and loss forecasting. With more than 20 years of experience in customizable risk evaluation technology, Interthinx offers proven and effective predictive analytics to the residential mortgage industry through its experience with millions of loan applications and fraud incident data from thousands of monthly loan reviews. Throughout the mortgage life cycle, the Interthinx suite of services can increase the value of client portfolios with its comprehensive and holistic approach to loan quality and compliance. Winner of multiple awards for technology, Interthinx helps clients reduce risk, increase operational efficiencies, satisfy regulator demands, manage data verification, remain compliant, and mitigate loan buybacks. The Interthinx quarterly Mortgage Fraud Risk Report is a standard for the financial services industry.