The LoanIQ Challenge Targets Fraud

First American RES has chosen the 2005 MBA technology conference in Orlando to issue a challenge: Try to get its new LoanIQ tool to miss detecting a fraudulent loan.Boasting a 90% detection-success rate, First American invites lenders to submit the addresses for their early-pay defaults involving fraud, mixed in with some performing loans and some non-fraud loans that went to REO status in order to confirm that LoanIQ can pick out the instances of fraud. A lender submits the property address, the borrower's names, sellers' names, requested loan amount, estimated value, sale price or appraised value, and whether or not the property is classified as new construction or previously occupied. LoanIQ responds with a value in one of three categories: "Satisfactory," "Unsatisfactory" and "Marginal."