Technology Advances Continue In Effort To Help Lenders Identify Potential Short Sale Scams, Tracking Properties Even After Sale Is Completed
Housing Wire reports:
- DataVerify announced today changes made to its fraud management platform, Data Risk Intelligent Verification Engine (DRIVE), that help mortgage lenders identify potential short sale and property fraud losses. The program has updated tools for predicting risks such as employment disclosure, local conditions for flipping and individual history in the housing industry.
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- [Property data provider] CoreLogic reported fraud occurs once in every 53 short sale transactions and has, since reporting this data, launched its own technology platform to monitor the estimated 400,000 short sales taking place in 2010. The program keeps track of properties even after the sale is completed.
For more, see DataVerify enhances short sale fraud detection based on customer track record.
In related stories, see:
- CoreLogic Launches Short Sale Fraud Watchdog Technology,
- Short Sales Cost Lenders $310m More Than Necessary, CoreLogic Study Finds,
- Short Sale Fraud Fears Grow as HAFA Gets Set to Pop (“Many homeowners are attempting to purchase their own properties at the market value. They will request a family member purchase their property with a different last name,” Housing Assist America's Ari Afshar said.)
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