First American Data & Analytics Launches FraudGuard® Home Equity Solution

Rhea-AI Summary

First American Data & Analytics debuted FraudGuard Home Equity, a new solution targeting fraud risk management for home equity lenders. This tool aims to streamline vendor usage, reduce costs, and enhance efficiency while identifying undisclosed liabilities and occupancy discrepancies. It integrates with major loan origination systems, covers all U.S. residential properties, and includes tailored risk alerts. This sophisticated system allows lenders to assess loan risks more effectively while maintaining origination quality standards.

Positive

• Launch of FraudGuard Home Equity for fraud risk management enhances lender efficiency.
• Solution integrates with all major loan origination systems and covers 100% of U.S. residential properties.
• Tailored risk alerts allow lenders to identify potential misrepresentation effectively.

Negative

• None.

—Comprehensive home equity risk management in a single-source solution—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), announced today the launch of FraudGuard^® Home Equity, a new single-source solution for fraud risk management designed and configured specifically to help home equity lenders streamline their use of third-party vendors, while reducing costs and improving efficiency.

The FraudGuard Home Equity solution identifies undisclosed liabilities, validates identity, detects occupancy discrepancies, checks all applicable loan participants (including borrowers and employers) against industry exclusionary lists, and instantly provides a comprehensive property valuation report complete with property type, listing status and homeowner and condo association data. The solution, which integrates with all leading loan origination systems, covers 100% of residential properties in the U.S. and has targeted risk alerts specific to the home equity transaction that help lenders efficiently identify potential misrepresentation.

“With this sophisticated, streamlined solution, lenders can assess the risk on a potential home equity loan using one centralized tool that analyzes all appropriate risk categories,” said Paul W. Harris, general manager, mortgage analytics for First American Data & Analytics. “The FraudGuard Home Equity solution provides a cost-effective and efficient way for lenders to close home equity transactions, while continuing to meet the quality standards of their origination process.”

The FraudGuard Home Equity tool is a customized version of the company’s industry-leading FraudGuard fraud analytics solution, which leverages public, private and proprietary data sources to help lenders identify risk and assess overall loan quality.

About First American Data & Analytics

First American Data & Analytics, a division of First American Financial Corporation, is a leading national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 7.5 billion document images. Its major platforms and products include: DataTree^®, FraudGuard^®, RegsData^®, First American TaxSource^® and ACI^®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the seventh consecutive year. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005340/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Data & Analytics

FAQ

What is the purpose of the FraudGuard Home Equity solution from FAF?

The FraudGuard Home Equity solution is designed to streamline fraud risk management for home equity lenders, helping them reduce costs and improve efficiency.

How does FraudGuard Home Equity benefit lenders?

FraudGuard Home Equity allows lenders to identify undisclosed liabilities, validate identities, and detect discrepancies efficiently, all in one centralized tool.

What types of properties does the FraudGuard Home Equity cover?

The FraudGuard Home Equity solution covers 100% of residential properties in the U.S.

When was FraudGuard Home Equity launched by FAF?

FraudGuard Home Equity was launched recently as part of First American Data & Analytics' offerings.

What company is behind the FraudGuard Home Equity solution?

The FraudGuard Home Equity solution is launched by First American Data & Analytics, a division of First American Financial Corporation (NYSE: FAF).