1st American Launches “AI” Platform to Detect Loan FraudDaniel Dobbs2023-05-25T11:55:56-07:00
Fraudsters beware, AI (artificial intelligence) is now a part of the methodology that is catching perpetrators.
First American Data & Analytics, a leading global provider of property and ownership data and advanced analytic solutions, announced Feb 3rd, today the launch of its AppIntelligence® Score (AI Score) fraud solution.
AI Score is a powerful new fraud pattern-recognition score that enables high-volume lenders and investors to more precisely identify the risk of fraud and early payment default on both new mortgage applications or a portfolio.
AI Score, part of the division’s AppIntelligence Suite, delivers a highly accurate (“fraud score”) score that significantly reduces review volume and false positives and uses proprietary predictive modeling to paint a truer picture of where fraud and early payment default risk are likely to occur.
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For example, loans with the highest AI Score, usually about 10% of total application volume, account for 50% or more of total fraud risk.
This targeting enables lenders to focus their reviews on the most at-risk loans while streamlining loan approvals and reducing operational costs.
AI Score utilizes First American Data & Analytics’ proprietary predictive fraud scores, employing both natural and artificial intelligence machine learning technologies.
It simultaneously runs proprietary sub-models for risk, including synthetic identity, income, employment, early payment default (EPD), undisclosed debt, and loan participant risk review.
In addition, AI Score has a retro-scoring capability, so lenders can run a portfolio to identify which loans would have been flagged by the model.
AI Score produces a scale of scores from low to high risk that can be customized to the lender’s risk tolerance.
AI Score incorporates First American’s proprietary and consortium fraud data that tracks and evaluates millions of past underwriter clearances to evaluate risk level.
AI Score is the newest addition to the growing, innovative First American Data & Analytics AppIntelligence Suite.
For more information about AppIntelligence Suite visit:
About First American Data & Analytics
Find out more about how First American Data & Analytics powers the real estate, mortgage, and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.
