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Fraud Detection Key to Loss Prevention.
Calabasas, CA -- Saxon Mortgage says any undetected fraud equals loss on the backend and technology can help ease the problem.
"We automate our fraud detection at both pre- and post-funding," explained Julie Woodley, VP of risk at Saxon. "Any time you want to catch fraud, you really want to catch it early, prior to funding.
"In the end, misrepresentations equal losses on the backend," she said. "Also, if you think about where this is going, fraud equals a higher percentage of defaults and foreclosures, which in turn equals even more loss on the backend. It's all about avoiding those loses in a seamless fashion as early in the process as possible."
Saxon went through an exhaustive search before choosing Interthinx's DISSCO product to meet their fraud detection needs. "We started off testing different products that we could use on the front end," noted Ms. Woodley. "We sent the vendors files that we knew had problems and saw who had the best hit rate. DISSCO was the better product."
Interthinx is a combination of the former Sysdome and AppIntelligence. Both companies merged to form a super anti-fraud detection solution that is still in development.
"The integration of the two companies has been seamless," said Ms. Woodley. "Of all the vendors that I ...
- Fraud Detection Key to Loss Prevention.
- News wire article from: Mortgage Line June 6, 2006 700+ words
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Source: HighBeam Research, Fraud Detection Key to Loss Prevention.