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Seeweekly news
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2005-11-18 |
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New Century Financial Corporation Takes Steps to Fight Mortgage Fraud |
New Century Financial Corporation, a real estate investment trust (REIT) and parent company of one of the nation's premier full-service mortgage finance companies, today announced an aggressive new measure to stamp out mortgage fraud. The company has selected BasePoint Analytics to implement fraud prevention solutions and services that is designed to provide consumers additional protection against mortgage fraud by ensuring quick and accurate detection of fraudulent applications, while also improving overall loan production. The agreement will allow New Century to significantly improve its pre-funding fraud detection and prevention, while also reducing review costs for potentially fraudulent applications.
Terry Theologides, Executive Vice President and General Counsel of New Century Financial Corporation, said, "New Century has always worked hard to detect and prevent fraud in the origination process, and our investment in deploying the BasePoint tools and techniques will allow us to better protect our customers from fraud and identity theft by enabling us to more easily identify and weed out fraud perpetrators and identity thieves in the marketplace. At the same time, these tools will allow us to maximize overall loan quality and profitability."
BasePoint Analytics will provide New Century with FraudMark -- an application scoring solution that combines the predictive power of loan applicant data with the proven pattern-recognition analytics of BasePoint's fraud modeling technology. BasePoint Analytics will also provide fraud-consulting services that further refine existing fraud detection strategies and operations to take full advantage of the new fraud scores.
"We chose BasePoint Analytics because we wanted to enhance our current strong controls with the latest advances in fraud detection methods for mortgage lenders, to the benefit of our customers, investors and the communities in which we lend," said Theologides.
"We are extremely pleased to be working with a forward-thinking lender such as New Century," said Tim Grace, president of BasePoint Analytics. "Fraud in the mortgage industry is increasing at a dramatic rate, and it is the mission of BasePoint Analytics to provide the next-generation of fraud solutions to lenders such as New Century. We believe that integrating BasePoint's advanced pattern recognition technology with best-in-class fraud review processes and strategies will become the standard for the industry." |
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