Introduction

1.   Overview

This specification describes the communication between the lender's system and FinConnect. FinConnect offers RESTful Web services to facilitate integration between the two. HTTPS is the protocol to facilitate the communication between the lender and FinConnect.

2.   LoanSafe Fraud Manager Verification

LoanSafe Fraud Manager uses patented predictive analytics scoring technology to expose suspicious mortgage loans at the application stage, enabling lenders to quickly identify each loan’s fraud risk prior to funding. LoanSafe Fraud Manager enables lenders to analyze portfolios, identify questionable loans and take proactive steps to prevent early payment defaults and buyback.

This solution provides the widest possible collection of the data, creating and applying fraud risk patterns based on the historical patterns of fake and genuine loans to determine the possibility that a loan may result in a fraud-driven loss. Using loan application and CoreLogic data, LoanSafe Fraud Manager enables the lenders to detect fraud within seconds.

The LoanSafe Fraud Manager report provides the fraud risk score, the fraud and appraisal alerts, and the detailed data behind the score and alerts to permit further due diligence when needed. The product also returns license verification results for the mortgage loan originator and appraiser, along with results of the WatchList screening against the government, the mortgage industry, and client-specific watch lists.

The lenders also receive a complete report on each loan describing the risk scoring, along with the top indicators and reasons, ranked from highest to lowest on a 999 to 1 scale.

These solutions minimize the security risk and maximize the fraud detection.

  • FinConnect supports the Fraud Verification services through the following service provider:

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