Tech Roundup: First American Prevents Mortgage Fraud Loss

(Update 1: corrected transaction count for Ellie Mae) First American CoreLogic, a member within The First American Corporation (FAF), announced last week its Multi-Closing Alert Program has prevented more than $175 million in multi-lien — or “shotgun” — mortgage fraud in its first 20 months of operation. The Santa Ana-based provider of property information, analytics and services designed the program to identify and stop fraudulent schemes in which a borrowers apply for and close multiple loans on a single residential property within a short time frame. The program monitors participating institution loan applications and informs them of multiple activities on a single property. “We’re committed to equipping the mortgage industry with the most effective tools for fraud prevention,” said CEO George Livermore. “The Multi-Closing Alert Program has clearly demonstrated in its short tenure just how crucial it is for lenders to leverage our information and technology to combat common fraud schemes.” (http://www.facorelogic.com) Allied partners with ComplianceEase for streamlined operation: San Francisco-based ComplianceEase announced last Tuesday it had entered a partnership with Allied Home Mortgage Capital Corp. and will integrate its flagship product — ComplianceAnalyzer — into Allied’s branch network. The incorporation will allow for strengthened internal controls, streamlined adherence to state and federal regulations and an enhanced long-term risk management strategy for Allied. “We are particularly energized to work with Allied because we understand and strongly support their vision of automating the process and of producing high-quality loans for their secondary market investors,” said ComplianceEase vice president Dan Smith. “As origination costs rise in the coming year, we feel that automation, particularly in the area of risk-management, will play a critical role in positively contributing to the mortgage industry’s bottom line.” Allied’s use of ComplianceEase’s Web browser-based application will allow for the privately-held mortgage banker/broker to reduce its costs and improve its ability to quantify and mitigate regulatory risk areas. (http://www.ComplianceEase.com) Ellie Mae awarded patent: Pleasanton, Calif.-based Ellie Mae Inc. announced Monday the U.S. Patent and Trademark Office had issued a patent for its ePASS technology platform, which allows originators to transmit mortgage information directly from its software to lenders via the Internet. The patent represents the first in a series of patent applications filed by the provider of loan processing software for mortgage brokers, bankers and third-party originators. The platform boasts more than 2,000 unique partners and has enabled more than 7 million transactions this year. (http://www.EllieMae.com) Application aides mortgage collections operations: CGI Group Inc. (GIB) on Oct. 22 announced the newest version of its end-to-end collections and recovery application, CACS Enterprise. The Fairfax, Va.-based provider of information technology updated its program with several new features designed to aid in mortgage and home equity collections – including loss mitigation, workout program and foreclosure evaluation and processing. “In today’s difficult credit environment, collections operations are experiencing a higher volume of delinquent and defaulting mortgage and home equity loans than ever before,” said Jame Cofran, senior vice president of CGI Global Banking & Financial Markets. “This latest release of CACS is focused on helping banks effectively manage the increased volume by automating processes that are still cumbersome, slow and manual in many operations.” (http://www.cgi.com) Write to Diana Golobay at [email protected]. Disclosure: The author held no positions in any of the stocks mentioned when this story was published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.