CoreLogic launches anti-fraud tool
CoreLogic has launched a property fraud and analytics tool for residential mortgage lenders called ValueMark.
Lenders can use the tool to provide an estimate of value, detect indications of mortgage fraud, audit surveyor valuations and see price and neighbourhood trends at individual loan and portfolio level.
ValueMark leverages the CoreLogic database which contains millions of property transactions and a proprietary House Price Index.
Specifically, Valuemark delivers an estimated value, property price trends and type comparisons, comparable property mapping, characteristics and price history, as well as socio-economic data for the area.
It will also return fraud alerts around suspect transactions, values and property use. For example; back-to-back sales, price trend anomalies, multiple occupancy properties, and discrepancies in property attributes and hidden Buy-to-Let.
Peter Stimson, UK managing director of CoreLogic, said: “In the past few years, the industry has seen an increase in organised fraud rings as well as individual acts of fraud.
“Having an objective check on residential properties that looks at both price and other indicators of potential fraud, allows banks to lend with more confidence and to better manage the assets and the risks they hold.”
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