BasePoint Analytics, a provider of scientific fraud and risk analytic scoring systems, has announced the availability of the FraudMark for Origination UK solution, a detection system that identifies the fraud patterns of UK mortgage applications.
According to BasePoint Analytics, built on the FraudMark scoring technology that enabled US lenders and investors to prevent over $2 billion in losses, this version has been personalized to the fraud patterns of the UK market, including solicitor and buy to let fraud. The FraudMark for Origination UK solution reportedly enables lenders to minimize fraud, improve risk management and reduce losses.
The FraudMark for Origination UK solution assesses and identifies the riskiest loan applications by generating a fraud risk score, said BasePoint Analytics.
In addition to the score, likely misrepresentation type, risk indicators and recommended actions are produced to aid lenders in prompt determination of fraud issues with a mortgage application. Low risk loans pass through the system, while BasePoint’s enhanced fraud review process enables focused review of highest risk loans. The FraudMark for Origination UK solution produces high fraud detection rates, reducing mortgage losses, added BasePoint.
Tim Grace, president and CEO of BasePoint Analytics, said: BasePoint developed the predictive analytics to identify the loan application characteristics that detect misrepresentation and loss in this market. The FraudMark for Origination UK solution enables lenders to find the problem applications before loan completion, thereby minimizing exposure, cutting losses and enabling an efficient funding process.
In the challenging times for the mortgage market, the FraudMark for Origination UK solution provides streamlined, automated scoring to improve the bottom line.