CoreLogic has launched a new service aimed at refining short-sale price models and preventing fraud – something that costs lenders about $310 million a year, according to the Santa Ana-based firm.
The Short-Sale Monitoring Solution sends lenders alerts on risky pending and closed transactions to reduce losses related to fraud and underpricing, which totals about $41,500 per deal.
The service also provides lenders with real-time access to existing transactions on short-sale properties through CoreLogic's mortgage fraud consortium.
"Prior to our solution, lenders were disadvantaged by not being able to cross reference pending loan applications on the same property," said Tim Grace, senior vice president of the company's fraud analytics division. "Our Short Sale Monitoring Solution gives lenders unique and immediate pre- and postclosing perspectives on short-sale transactions."
Additionally, the solution can identify those who are committing the potential fraud; evaluate resales for 90 days, which allows lenders to refine price models; and provide analyses of specific geographic regions, among other features.
Nelson+Okerlund Project Management forms in Orange
City Ventures opens sales at Santa Ana artist-loft project
Colliers negotiates $4.9 million deal in H.B.