CoreLogic, a Sacramento, Calif.-based provider of mortgage risk assessment and fraud prevention solutions, said at the MBA's National Technology in Mortgage Banking Conference and Expo, Tampa, Fla., that loan defaults are on the rise and a large number of lending institutions are left to foot the bill.According to a recent FBI report, the first half of 2006 saw 600,000 borrowers go into foreclosure. In many cases, the lender had been misled about the borrower's ability to repay the loan and the resulting foreclosure created a financial burden for lenders with consequences reverberating throughout the mortgage economy. In an effort to combat this problem, technology is available to evaluate the borrower's ability to pay through the life of the loan, the company said. CoreLogic recently released a new product, IncomePro, which helps lenders validate a person's income using multiple sources, without needing borrower documentation or approval. IncomePro also uses the borrower's current residence and previous addresses to derive an affordability progression by using income composition at the neighborhood level. CoreLogic can be found on the Web at http://www.corelogic.com.

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