Fraud, Compliance Merged
BasePoint FraudMark Now Available on ComplianceEase's Web-based Platform
CARLSBAD, Calif. & SAN FRANCISCO -- (Oct. 9, 2006) BasePoint
a leading provider of scientific fraud analytics and consulting
services, and ComplianceEase®, the mortgage industry leader
in delivering automated compliance and risk management solutions,
today announced they have formed a distribution partnership
to provide ComplianceEase clients with powerful fraud protection.
ComplianceEase will now offer BasePoint's FraudMark(TM),
the mortgage industry's only predictive analytic fraud solution,
to more than 250 lender and secondary market investor clients
through its comprehensive Web-based solution - ComplianceAnalyzer®.
Fraud and compliance are the two most pressing challenges originators face today. By partnering together, ComplianceEase and BasePoint help solve both of these critical issues through ComplianceEase's leading hosted solution. This partnership enables lenders to add powerful fraud protection quickly, easily and cost-effectively through a single and comprehensive on-demand offering.
"BasePoint was the natural choice when selecting a partner with advanced fraud analytics capabilities," said David Girling, executive vice president for ComplianceEase. "Because FraudMark is the only solution in the mortgage market today that utilizes predictive analytic models, our clients benefit from FraudMark's unmatched accuracy in detecting potentially fraudulent loans as they run compliance audits through ComplianceAnalyzer. This pairing of leading solutions results in a significant reduction in losses from compliance and fraud and dramatically improves production throughput by focusing investigative resources on only a small fraction of total applications."
BasePoint's FraudMark uses patent-pending neural network technology that combines two unique and highly effective approaches for finding fraud: 1) behavior trends for applicants, brokers, appraisers, loan officers and other entities involved in the mortgage transaction and 2) historical patterns of activity and information for both fraudulent and non-fraudulent loan applications. Lenders have prevented more than $500 million in fraudulent loans since the solution was launched nearly one year ago. FraudMark gives lenders the ability to review and verify only the riskiest loans, allowing the majority of loans to be quickly and securely funded. This is a significant advantage over traditional data verification tools. FraudMark provides a much higher degree of predictive power, precisely identifying which applications have the greatest risk of fraud. FraudMark helps mortgage lenders cost-effectively identify suspect loan applications before funding.
"ComplianceEase is a highly regarded provider of automated compliance solutions," commented Tim Grace, president and CEO of BasePoint. "By adding FraudMark to their existing platform, lenders now have access to both superior on-demand fraud and regulatory compliance solutions."
BasePoint and ComplianceEase both have strategic partnerships with an investment from First American Real Estate Solutions (RES®). First American is the nation's largest provider of advanced property and ownership information, solutions and services.
SOURCE: BasePoint Analytics