FraudBlogger.com
 
  home

blog archives

search

FraudBlogger index

mortgage news

mortgage newsletter

mortgage rss feed

mortgage fraud news

mortgage lawsuits, judgements, settlements & class actions

predatory lending news

advertise
mortgage news for PDAs, Blackberrys, mobile phones and handheld devices
mortgage news for your handheld devices

contact us


SamGarcia.com
affiliated
publications:


CloseNow.com
CloserBlog.com
FraudBlogger.com
GirlsNewsDaily.com


mortgage industry news for your handheld computer
free mortgage industry news
MortgageDaily.com
MusicNewsDaily.com
SongBlogger.com

 

PRESS RELEASE

Ocwen Financial Adding BasePoint Analytics Fraud Prevention Tool

Ocwen Financial Corporation Selects BasePoint FraudMark Score to Stop Mortgage Fraud
Leverages Predictive Analytics to Effectively Pinpoint Risky Loans for Due Diligence on Loan Pools



 

Carlsbad, Calif.--(April 21, 2008) BasePoint Analytics, a leading provider of scientific fraud analytics and consulting services, today announced Ocwen Financial Corporation (NYSE: OCN) has selected BasePoint’s FraudMark solution to enhance its fraud and risk management program. The FraudMark solution uses sophisticated analytic scoring technology to identify suspicious mortgage loans, enabling investment banks to quickly and effectively reject them before purchase. These models accurately predict the likelihood of a loan containing fraud that will result in financial loss to the investor. Over the past year, the FraudMark score has helped investment banks prevent over $1 billion in suspicious loans from purchase.

Prior to production use, FraudMark was tested on a portfolio Ocwen was purchasing. During the test, the FraudMark solution precisely identified high risk loans that, after due diligence, proved to be fraudulent. FraudMark’s low false positive ratio of 2:1 during this test was another example of the consistent industry leading performance of the solution. The FraudMark score risk ranks all loans within trades or portfolio purchases and is then used by the investment bank to create highly targeted and selective samples for the Enhanced Fraud Review. The precise fraud score provided by FraudMark with market leading low false positive ratios results in high detection of risk loans in small target-rich sample sets. Coupled with sub-second scoring, the fraud risk score is easily incorporated into the due diligence process.

"Ocwen is committed to minimizing the risk for our investors by detecting and preventing mortgage fraud. Our use of the BasePoint FraudMark score enables us to better protect our customers and investors from fraud," said James Zeldin, Senior Vice President of Mortgage Services at Ocwen Financial Corporation. “At the same time, the FraudMark solution enables us to maximize overall loan quality, streamline due diligence processes and improve profitability. We chose to work with BasePoint because we are committed to enhancing our strong controls with the latest advances in fraud detection.”

The FraudMark score provides investment banks with the ability to review and verify only the riskiest loans, minimizing the due diligence sample and enabling the majority of loans to be quickly and securely passed through the fraud screen for purchase. BasePoint’s specialized fraud review process substantially speeds up the confirmation of misrepresentations in high scoring loans, providing real savings to clients.

"Ocwen’s proactive approach to stopping fraud positions them as a leader in fraud and risk management," said Tim Grace, president and CEO of BasePoint. "They diligently evaluated the FraudMark score’s effectiveness and saw the proven results. With its continued adoption by the industry’s forward-looking leaders such as Ocwen, BasePoint’s pattern recognition technology, and FraudMark in particular, is quickly becoming the industry standard score for fraud."





SOURCE: BasePoint Analytics


mortgage podcast



The Mortgage Graveyard



News By: MortgageDaily.com

The content on this site does not necessarily reflect the
views of any affiliated or unaffiliated news publications.

Copyright © 2014 FraudBlogger.com