Genworth Financial, Inc.
Genworth Financial is the first mortgage insurance provider to offer fraud protection screening for its customers.
SecureFirst electronically analyzes loans submitted through Genworth's AU Central® automated underwriting platform to determine if the loan needs further review. Reports are custom tailored to individual parameters set by participating lenders and investors, and are based on a comprehensive analysis of the three common elements that expose a lender to fraud: collateral, borrower, and origination agent.
"The FBI recently reported a dramatic jump in the number of 'Suspicious Activity Reports' filed in 2004 involving mortgage fraud, with related dollar losses totaling more than $400 million," said Kevin Schneider, president of Genworth Financial's U.S. mortgage insurance business. "SecureFirst will protect our lender customers by alerting them to a potential problem when the loan is locked for underwriting. Early preventative action can save them time, money and future headaches so they can concentrate on driving loan production."
To create this new technology-based offering, Genworth packaged AU Central® and Doc Central, its electronic imaging system, with three fraud and risk detection components from C&S Marketing, the leading provider of collateral risk assessment and fraud prevention solutions to the mortgage lending industry. Using them, SecureFirst examines a loan's potential fraud risk by analyzing property and relationship details between borrowers, brokers, appraisers, specific market regions, and other known interactions that are effective in detecting and preventing fraud and misrepresentation. Results, available in less than a minute, are delivered electronically through AU Central®.
Lenders can elect to have all submitted loans screened by SecureFirst or screen them on an individual basis. A summary page providing a snapshot of each loan is followed by full analysis details. SecureFirst-screened loans for Doc Central customers automatically go into their Doc Central folder containing related loan documents.
Electronic imaging and sharing of loan files eliminate double data entry when using SecureFirst. The system can easily be added to AU Central® or Doc Central packages, and lenders receive a single bill through AU Central®.
SecureFirst is a helpful tool which should be utilized as part of a comprehensive program to prevent fraud, although it cannot detect all instances of fraud or misrepresentation.
About Genworth Financial
SOURCE: Genworth Financial, Inc.
CONTACT: Terry Souers, Vice President, Public Relations, Mortgage
Insurance of Genworth Financial, Inc., +1-919-846-4459, or
Web site: http://www.genworth.com/