First American CREDCO, a provider of credit-reporting solutions to the mortgage industry and part of First Advantage Corp. has introduced the ENCORE report at the Mortgage Bankers Association's 96th Annual Convention & Expo in San Diego.
According to First American CREDCO, ENCORE is the industry's only comprehensive consumer reporting solution that delivers Fair Credit Reporting Act-compliant risk analysis for all critical elements of the mortgage application and servicing processes. The report features applicant credit risk, identity verification, applicant income and employment verification, as well as subject property and market data.
ENCORE is the first in a series of customizable risk analysis solutions powered by the company's new proprietary nd Merge (nth dimension) Technology platform. nd Merge allows First American CREDCO to instantly access and combine thousands of data elements into a single report, resulting in a multidimensional, full-risk view of the consumer that goes far beyond traditional applicant risk analysis, the company says.
‘Dramatic shifts in the economic environment, along with estimated annual fraud losses reaching $25 billion, have forced mortgage professionals to reevaluate how consumer and collateral data is qualified,’ says John Bauer, executive vice president of business development for First American CREDCO. ‘ENCORE satisfies a very timely and critical need for accurate, reliable and thorough decisioning data that lenders and servicers can use to quickly evaluate and help mitigate risk on every loan transaction or portfolio.’
Driven by public, private and proprietary data sources, ENCORE instantly accesses and sorts thousands of consumer data points covering 99 percent of the population, over 100 million active loans and more than 600 million consumer data records, according to the company. In seconds, a customizable rules-based analysis of the data is provided, complete with recommended actions, First American CREDCO adds.
SOURCES: First American CREDCO