C&S; Marketing today unveiled an
upgrade of HistoryPro, its collateral risk scoring tool for the mortgage
industry, enabling faster processing through a simplified report interface,
faster query response times and a richer base data set.
"Fraud is on the
rise, and its prevention is critical to the mortgage lending industry. Lenders
must protect themselves by reconfirming a property’s collateral value and its
risk potential. Early detection is the key," said Steve Schroeder, CEO and
co-founder of C&S; Marketing.
In determining fraud,
HistoryPro evaluates numerous elements to determine a loan's F-score, including
the relationship between foreclosures and price appreciation, the subject
property sales price relative to the current appraisal or origination estimate,
the origination value relative to the market, prior foreclosure on the subject
property and geographic conditions surrounding the subject property. In
addition, HistoryPro references foreclosure and volatility models as well as
overall performance studies.
HistoryPro also includes
subject property history detail, nearby property sales information, market data
and a buyers and sellers transaction summary. These features are combined with
other analytical metrics to create an easy to use, information rich decision
dashboard that uniquely equips lenders to more clearly identify and control collateral
risk.
By showing the
likelihood of foreclosure for a property in a statistical score, HistoryPro
allows lenders to save millions each year. C&S; Marketing recently conducted
an analysis of 600,000 loan originations using subject address and property
value, exposing 20 percent of properties in a single area involved in loan
fraud, then predicting 12-month loss estimates. The study also identified fraud
rings, pinpointing where to tighten controls on third-party sellers.
HistoryPro evaluates approximately
45,000 loans per day and is used by nine of the top 10 U.S. lenders, according
to the company.
Sacramento, Calif.-based
C&S; Marketing is a provider of collateral risk assessment and fraud
prevention software and products for the mortgage industry.
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