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Allied Sees More Loan Fraud.(Brief Article)
Allied Home Mortgage Capital Corp. here has branched out to include fraud detection among its specified areas of expertise by creating its own Web-based fraud detection tool.
As the industry turns to a purchase market, the instances of fraud are expected to be on the rise. In order to stay ahead of the curve, Allied has created this fraud detection engine to be used in the front end and not just as a quality-control application.
"We have partnered with Advantage Credit and for the past three years we have been developing our own fraud prevention engine," said Ron Litt, executive vice president for Allied. "We're going to unveil it to the market at the MBA annual. Right now we're sending letters to all of investors requiring that they require our fraud detection finding on everyone of Allied's brokered loans that we send out."
The system is designed to take in a Calyx Pont file, and run 150 different checks depending on the state that the loan is in and the type of the loan. "The beautiful part to our system is that it's very easy to read," said Mr. Litt. "It's designed to be run on the front end and be ...
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Source: HighBeam Research, Allied Sees More Loan Fraud.(Brief Article)