SANTA ANA, Calif., Oct. 26 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information and business services, and The Prieston Group (TPG) today announced that RPM Mortgage, Inc. has successfully implemented their joint fraud prevention solution which includes comprehensive fraud prevention technology and insurance services. RPM Mortgage, a private mortgage banker with more than $4 billion in originations last year, is among the growing number of lenders benefiting from industry-leading CoreLogic LoanSafe® Fraud Manager and TPG's risk management services, indemnity programs and training.
"CoreLogic and TPG's combined solution provides us with more accurate and detailed information about where potential fraud lies in our origination stream, along with reduced insurance premiums because of our proactive stance on addressing fraud," stated Rob Hirt, chief executive officer at RPM Mortgage, Inc. "The web-based fraud detection solution increases productivity and delivers information that we would not normally be able to obtain on our own. We're very pleased with the combined result."
"RPM is a prime example of how easy and cost effective it is for a lender to implement and use a holistic fraud prevention solution with LoanSafe Fraud Manager and TPG services," stated Tim Grace, senior vice president of Fraud Solutions at CoreLogic. "Our combined solution offers a best practices guideline for lenders to have streamlined fraud prevention processes and insurance protection that reduces fraud exposure."
"Insightful lenders like RPM understand the clear benefits of combining technology and insurance to protect their organizations from fraud losses," stated Arthur Prieston, TPG's chairman. "Mortgage fraud will continue to evolve, however, lenders can be confident that our joint solution arms them with an effective and comprehensive fraud prevention solution."
LoanSafe Fraud Manager combines pattern recognition technology with the nation's largest and most comprehensive property, loan and mortgage fraud data and provides a risk score. CoreLogic fraud scientists have created patented fraud models that assign each loan a fraud risk score spanning from one (lowest risk) to 999 (highest risk). The loan-level score has been proven to identify potential fraud with the industry's highest level of accuracy. By using these scores, lenders can implement quicker and more efficient underwriting and reduce default and foreclosure-related losses associated with fraud. LoanSafe Fraud Manager dramatically reduces false positives and allows lenders to review only the highest risk loans prior to funding.
About RPM Mortgage, Inc.
RPM Mortgage, Inc. is based in Walnut Creek and is a private family-owned mortgage bank and broker whose roots in the Bay Area stem back to 1986. RPM has 45 branches in California, Nevada, Texas, Idaho and Colorado and over 700 loan agents and employees. RPM's loan agents are specially trained to offer FHA, VA and CalSTRS loan programs to their customers. They work with borrowers, CPA's, financial planners, attorneys and financial consultants to provide homebuyers with the best financial solutions in the market today.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly, the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
About The Prieston Group
The Prieston Group (TPG) offers the mortgage industry's only fully integrated suite of fraud protection, mitigation and indemnification services. TPG's mortgage fraud and repurchase loss insurance is provided through PBIS Insurance Services, Inc. Lender due diligence, including the patented Lender Rating system, and training are provided through its affiliate TPG Diligence, LLC. Legal and loss mitigation services are provided through TPG's affiliate American Mortgage Law Group, P.C. More information about TPG can be found at www.priestongroup.com.
SOURCE CoreLogic; The Prieston Group