GMAC-RFC Picks LoanIQ

GMAC-RFC has picked LoanIQ from First American Real Estate Solutions as its collateral risk-mitigation tool.LoanIQ deals with collateral fraud, considered the most damaging form because it creates actual dollar losses. Using a predictive model based on actual "bad loan" cases, LoanIQ provides two scores to help GMAC-RFC and other lenders fast-track low-risk loans through the system while flagging high-risk loans for further examination, First American RES said. FBI statistics show that mortgage fraud losses more than doubled in 2005, from $429 million in 2004 to more than $1 billion, the company reported. GMAC-RFC will incorporate LoanIQ into its existing collateral risk-mitigation system. The companies can be found online at http://www.gmacrfc.com and http://www.firstamres.com.