BasePoint Touts Mortgage Fraud Detector

BasePoint Analytics, Carlsbad, Calif., has announced the general release of FraudMark, a new fraud detection product for mortgage lenders, investment banks, and due-diligence firms.The company said FraudMark uses patent-pending technology that combines behavioral trends for applicants, brokers, and appraisers with historical patterns of fraudulent and nonfraudulent loan applications. This enables the product to provide a "much higher degree of predictiveness" in identifying which applications have the greatest risk of fraud and to cut the overhead cost of retrieving expensive data to match against loan applications, according to BasePoint. "The credit card industry has driven down fraud losses by 70% through the use of pattern recognition technologies," said Tim Grace, president of BasePoint. "The analytic advancements of FraudMark now enable the mortgage industry to go beyond this and provide mortgage lenders the ability to cost effectively score all of their loan applications in real time, drive down their fraud losses, and increase overall production." The company can be found online at http://www.basepointanalytics.com.