Technology provider DataVerify has enhanced its enterprise-wide fraud management platform, DRIVE, to help mortgage lenders identify and avoid potential short sale and property flipping losses.
The company has incorporated national building permit datasets into its Data Risk Intelligent Verification Engine. The vendor said this will help mortgage lenders determine whether owners made true improvements or merely cosmetic, but structurally unsound improvements.
In reviewing customer transactions, the St. Louis-based company, said it discovered that 7% of properties are valued under current market levels for other similar comparable structures.
Three-percent involve transactions in which the borrower is in the real estate or mortgage industry and did not disclose that fact.
