Satellite photos help lenders mitigate property valuation fraud risk
AGOURA HILLS, Calif.– In response to its own findings that property valuation mortgage fraud risk has risen significantly since 2006, Interthinx has integrated Google Maps satellite images to help lenders decrease loan processing time and quickly identify external issues with properties. The inclusion of satellite image data within Interthinx’s FraudGUARD® can improve loan quality, provides users with a more comprehensive fraud prevention report, and enables a more concise overall risk review. Interthinx is a leading national provider of comprehensive risk mitigation solutions.
“Within seconds, our customers will now know the condition of the property’s exterior and whether it conforms to the rest of the neighborhood. With such insight, lenders are better prepared to make informed underwriting decisions during this time of emphasis on loan quality over loan quantity.”
“According to our findings, property valuation fraud risk has more than doubled since 2006, which could expose lenders to buyback requests that could cripple their companies,” said Ian Anthony, director of product management at Interthinx. “Our product team recognized the threat and alerted our customers. They responded by comparing photos from appraisal reports or Broker Price Opinion (BPO) photos to satellite images through multiple steps. Since Google’s database already had the images, it made sense for us to integrate them into our FraudGUARD reports, saving our customers time and money.”
Interthinx’s FraudGUARD software contacts the Google Satellite image database in real-time, which returns a 360° external view of the property from the street level. There is no additional cost to use satellite images in FraudGUARD.
The new Interthinx product enhancement can also highlight risk associated with borrower employment and intent to occupy. Satellite images from the Occupancy Map help pinpoint potential misrepresentations of employer location. In addition, the visual support allows for quick identification of the distances between the subject property, borrower’s current residence, and employer location.
“Our latest product development provides customers another layer of valuable information before funding a loan,” added Kevin Coop, president of Interthinx. “Within seconds, our customers will now know the condition of the property’s exterior and whether it conforms to the rest of the neighborhood. With such insight, lenders are better prepared to make informed underwriting decisions during this time of emphasis on loan quality over loan quantity.”
About Interthinx
Interthinx, a Verisk Analytics (Nasdaq:VRSK) subsidiary, is a leading national provider of comprehensive risk mitigation solutions focusing on mortgage fraud, collateral risk and valuation, regulatory compliance, forensic loan audit services, loss mitigation, and loss forecasting. With more than 20 years of experience in customizable risk evaluation technology, Interthinx offers proven and effective predictive analytics to the residential mortgage industry through its experience with millions of loan applications and fraud incident data from thousands of monthly loan reviews. Throughout the mortgage life cycle, the Interthinx suite of services can increase the value of client portfolios with its comprehensive and holistic approach to loan quality and compliance. Winner of multiple awards for technology, Interthinx helps clients reduce risk, increase operational efficiencies, satisfy regulator demands, manage data verification, remain compliant, and mitigate loan buybacks. The Interthinx quarterly Mortgage Fraud Risk Report is a standard for the financial services industry. For more information, visit www.interthinx.com or call 1-800-333-4510.