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April 17, 2009
New data suggests fraud-tainted FHA originations resulting in delinquencies and defaults could rise to $7.5 billion for 2009. A few companies are developing ways to help the Federal Housing Administration minimize the costs associated with the expected massive mortgage fraud volume.
MortgageDaily.com reported on some of the most recent developments in cost-saving solutions, including fraud prevention tools. One of those is BasePoint Analytic's FraudMark FHA, a new comprehensive report that provides automated verifications, also assigns a default risk score based on the likelihood of mortgage fraud.
Wolters Kluwer Financial Service also offers an instant qualification assessment based on FHA guidelines and a detailed report on fraud-related risks that increase the odds of default.
Read more details at MortgageDaily.com
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