GMAC-RFC taps RES' LoanIQ.Santa Ana Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , California-based First American First American may refer to:
A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Residential Capital Corporation (ResCap), Minneapolis--and will be incorporated into the company's collateral-risk-mitigation system. The LoanIQ system is an analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. product that reduces mortgage fraud and default exposure by providing an instant assessment of the collateral risk associated with a particular property and its surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. neighborhood. LoanIQ provides two simple scores--the LoanIQ Score and the Market Risk Score--that enable lenders to fast-track low-risk loans through their approval processes while accurately identifying high-risk loans that warrant further investigation, explained George Livermore, president of The First American Corporation's Property Information and Services Group. "GMAC-RFC is a leader in managing risk through advanced technologies," said Livermore. "We are pleased that [the company's] extensive testing found LoanIQ to be a comprehensive solution for detecting and mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. collateral-related risk." LoanIQ identifies collateral fraud Noun 1. collateral fraud - fraud that prevents a party from knowing their rights or from having a fair opportunity of presenting them at trial extrinsic fraud fraud - intentional deception resulting in injury to another person , considered the mortgage industry's most harmful type of fraud, and enables clients to proactively target loans that warrant additional review or investigation. This ultimately can help reduce fraud losses. "Incorporating LoanIQ has resulted in more effective appraisal diligence queues," said Susan Allen, director of collateral risk for GMAC-RFC. "The robust technology delivery system enabled GMAC-RFC to extend the use of collateral-risk detection into new processes." LoanIQ, the industry's only patent-pending predictive model based on a wide range of predictors built on actual "bad loan" cases, is available on both a batch and transactional basis. In addition to loan-level collateral-risk scoring, LoanIQ includes substantial property-level data and information to assist in collateral-risk decisions, said Livermore. |
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