CoreLogic Launches Industry’s First Short Sale Monitoring Solution to Prevent Fraud and Underpricing
CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information and business services, today announced the lending industry’s first short-sale fraud prevention and pricing solution, Short Sale Monitoring Solution™. The new service allows lenders to receive alerts on “risky” pending and closed short sales to minimize unnecessary losses related to fraud and property underpricing, which CoreLogic estimates at $41,500 per transaction. Short Sale Monitoring Solution provides real-time access to lenders’ concurrent transactions on short-sale properties through the CoreLogic Mortgage Fraud Consortium, the largest repository of application and transaction data, representing 65 percent of annual loan applications.
“Short-sale fraud is costing lenders $310 million a year and those losses may increase if lenders cannot proactively identify risks in real time,” stated Tim Grace, senior vice president of Fraud Analytics, CoreLogic. “Prior to our solution, lenders were disadvantaged by not being able to cross reference pending loan applications on the same property. Our Short Sale Monitoring Solution gives lenders unique and immediate pre- and postclosing perspectives on short-sale transactions.”
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Posted September 1, 2010
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