Financial Insights Warns Home Equity Lenders May Face Millions in Fraud Losses.Web-facilitated expansion of fraud footprints threaten ongoing portfolio performance FRAMINGHAM Framingham (frā`mĭnghăm'), town (1990 pop. 64,994), Middlesex co., E Mass., on the Sudbury River between Worcester and Boston; settled 1650, inc. 1700. , Mass. -- Leading independent research and advisory firm, Financial Insights, an IDC company, today announced the release of a report examining the results of new research into emerging fraud within home equity loan portfolios. Essential guidance is provided to lenders on how to recognize and manage this growing threat. "Mortgage and home equity loans are similar products," states Christine Pratt, research director for Consumer Banking and Credit and the author of the report, Combating Fraud in Home Equity Lending: The Enemy of My Enemy Is My Friend. "The real differences are in the lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. position of the mortgage and in the way that the customer gains access to the funds. It stands to reason then that fraud in home equity lending would look very much like fraud in mortgage lending. In most cases that is true, but what isn't true is that home equity lenders are not always mortgage lenders, or that they know how to defend against fraud risk." Mortgage fraud losses are climbing at an alarming rate as the attached figure, titled "Value of Mortgage Fraud Losses and Number of Cases Reported, 1999-2005," shows, and this is not good news for mortgage or home equity lenders. The report advises lenders of potential portfolio dangers, for example in re-discovered products such as reverse mortgages or in checking account fraud, and then details experienced third-party providers with solutions that may help. Security concerns continue to be top of mind for all IT executives and are included in Financial Insights' annual Top 10 reports, which highlight strategic IT initiatives financial institutions are undertaking in 2007. In addition, Financial Insights Top 10 Webcasts are available in February as follows: * Asia/Pacific Top 10 Strategic Initiatives for Insurance Webcast - February 6, 2007 * Worldwide Top 10 Strategic IT Initiatives for Banking - February 7, 2007 * Worldwide Top 10 Strategic IT Initiatives for Risk Management - February 8, 2007 * Worldwide Top 10 Strategic IT Initiatives for Capital Markets - February 14, 2007 The full report; Combating Fraud in Home Equity Lending: The Enemy of My Enemy Is My Friend (FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. 204930, Financial Insights) is available to qualified members of the media. For your report copy or to register for one of the Top 10 webcasts contact Deborah Stark, 508-935-4318 or via email dstark@financial-insights.com For more information on purchasing the report, contact sales@financial-insights.com. About Financial Insights, an IDC company Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. Their global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms This is a list of corporations that provide financial asset management.
IDG Integrated Drive Generator IDG Installation Design Guide IDG Internet Discussion Group IDG Inset Dielectric Guide IDG International Dangerous Goods (mail, shipping) , the world's leading IT media, research, and exposition exposition or exhibition, term frequently applied to an organized public fair or display of industrial and artistic productions, designed usually to promote trade and to reflect cultural progress. company. Visit www.financial-insights.com for more information. |
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