Tech Roundup: Interthinx Tackles Conflict-of-Interest Fraud

Agoura Hills, Calif.-based Interthinx, Inc., a provider of risk mitigation and regulatory compliance tools, announced last week the addition of 21 new conflict-of-interest alerts within its FraudGUARD scoring system that identify possible collusion between loan participants. According to an interthinx press release, the advancement in technology will help lenders identify “non-arms length” mortgage transactions, which is a serious indicator of potential mortgage fraud. “A non-arms length transaction is one between family members, or when a personal or business relationship exists between the borrower(s) and seller and other third parties associated with the transaction,” said Connie Wilson, executive vice president of Interthinx.  Wilson said FraudGUARD will identify the conflicting parties through “detailed descriptions and unique alerts.” Fraudsters are always looking for new ways to “game” the system, said Interthinx vice president Ann Fulmer in a press release Wednesday, especially in dire economic circumstances.  “[T]he glut of foreclosed properties combined with an aggressive push to modify loans is providing [fraudsters] with new entry points,” she said. “It’s imperative that lenders and servicers use the most advanced and comprehensive technology to expose collusion.” Calyx Expands Reach Calyx Software, a provider of loan marketing, originating and processing software, announced its expansion of the Calyx Network last week with a new network interface update, which contains a connection to five additional mortgage service providers. The San Jose, Calif,-based software provider said users of Calyx Software’s Point loan origination software can connect directly with lenders and mortgage service providers, automating data exchange and streamlining the loan origination process. The Calyx Network Interface update, according to a press release, is automatically installed into Point versions 5.4 and higher. eRAMP Introduces Fraud Support Westlake Village, CA-based, Cyberlink Tecnhonolgies, Inc. announced last week the introduction of its new fraud detection feature for eRAMP, a mortgage electronic registration system(MERS) software solution. Cyberlink Technologies said in a press release that using eRAMP, members can order an unlimited number of reports at one time and gain fast access to MERS online registry data listing all real estate loans closed by a specific borrwer — helping lenders “proactively recognize concurrent applications and prevent fraud.” And President of Cyberlink Technologies, Inc. Greg Uttal, said eRAMP “delivers this critical loan evaluation information at five to ten times less than customers would expect to pay for a similar solution elsewhere.” Mortgage Cadence Adds Compliance Director Denver-based Mortgage Cadence, a loan origination services provider that bills itself as an “enterprise lending” solutions specialist, said Monday that is had expand its compliance and regulatory expertise by announcing the addition of Tim Counterman, as director of compliance. Counterman has over 15 years experience in data quality analysis, operational risk/control, audit and compliance at such companies as Wells Fargo and Chase Manhattan Mortgage Corporation. Mortgage Cadence has zeroed in on compliance issues as the housing and mortgage downturn has worn on, and also recently announced a strategic agreement with Weiner Brodsky Sidman Kider PC that will see the well-known mortgage banking law firm offer expert insight and analysis on federal and state regulatory matters. “Lenders of all sizes are looking for compliance and regulatory solutions that enable them to quickly and confidently respond to the myriad of changes taking place, and Mortgage Cadence has the answers and expertise,” stated Michael Detwiler, CEO of Mortgage Cadence. Write to Kelly Curran at Editor’s note: Tech Roundup runs every Monday morning, and offers a look into the various technology that makes the entire mortgage market work — whether origination or default, through to secondary market operations. If you’ve got a tech bit that we should know about, email the reporter above.

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