Greenwood Village, CO and Santa Ana, CA, September 13, 2010 CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information and business services, today announced the integration of its LoanSafe Fraud Manager Suite with Blueberry Systems’ RELAY™ loan production platform. LoanSafe Fraud Manager, the mortgage industry’s most advanced mortgage fraud prevention technology solution, is now directly integrated into the RELAY workflow, so that acceptable loans continue through unimpeded while problematic loans are automatically directed to the appropriate user. As a result, RELAY users will now enjoy a higher mortgage fraud prevention rate with fewer resource requirements.
“There are three facets to data integrity,” explained Lloyd Booth, Blueberry Systems president. “Completeness, accuracy and truthfulness. Traditionally, LOS vendors have focused only on the first two. Even if the data entered is complete and remains intact, garbage in is still garbage out. Loan data still needs to be authenticated at some point, especially as today’s lenders are struggling to regain the trust of investors. Our integration with LoanSafe Fraud Manager addresses the truthfulness of loan data, and will help lenders regain that trust.”
“Blueberry Systems has made a major step toward moving fraud prevention to the front of the loan production process,” added Tim Grace, senior vice president, fraud analytics for CoreLogic. “Integrating LoanSafe Fraud Manager into the mortgage workflow enables lenders to comply with Fannie Mae, Freddie Mac, and other mortgage investors' requirements while significantly reducing the need for human interaction. This integration makes mortgage loan processing faster, cheaper, and optimally efficient."
“RELAY was designed to ensure data accuracy throughout the lifecycle of the loan,” continued Booth. “With this integration, we’re tackling two of the biggest issues facing the mortgage industry right now: data quality and fraud. Automated fraud analysis will give lenders a distinct advantage in maintaining the highest loan quality standards.”
In contrast to most systems that present an outdated ‘database of record,’ RELAY employs a universal data model, using its proprietary Conductor technology, to integrate various systems and applications into a single workflow, eliminating data silos and the need for duplicate or staggered data entry. And while most systems only make the most recent loan data available at any given time, RELAY’s universal data model makes available the various states of data as the loan evolves, in real time, and highlights discrepancies. The bottom line is much higher data quality that prevents costly pricing variances and buybacks.
About Blueberry Systems
Based in Greenwood Village, Colorado, Blueberry Systems, LLC, was founded in 2005 to provide software solutions, services and consulting to the financial services industry. RELAY™, the company’s flagship technology, is a highly flexible, fully customizable loan origination system that enables lenders to seamlessly and easily integrate disparate technology solutions. For more information on Blueberry Systems, please visit www.BlueberrySystems.com or call 888.506.2259.
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.
CoreLogic and LoanSafe are registered trademarks of CoreLogic
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