First American CoreLogic Announces Partnership with the Prieston Group
—New Combined Fraud Prevention and Insurance Solution Protects Lenders from Fraud Loss Exposure—
April 20, 2010, SANTA ANA, Calif.
First American CoreLogic, a member of The First American Corporation (NYSE: FAF) family of companies and America’s largest provider of advanced property and ownership information, analytics and services, today announced that it has partnered with The Prieston Group (TPG) to offer a comprehensive fraud prevention and insurance solution to mortgage lenders.
The solution combines First American CoreLogic’s industry-leading, pattern-recognition fraud tool with TPG’s risk management services, indemnity programs and training. Through this partnership, TPG will help lenders establish business rules and guidelines and employ the First American CoreLogic LoanSafe® Fraud Manager tool to enforce those policies in the lender’s daily operations. Lenders who use this joint solution will be insured against fraud losses by Lloyd’s of London, which has a special relationship with TPG.
LoanSafe Fraud Manager is a comprehensive anti-fraud tool that integrates patented pattern-recognition technology with the nation’s largest and most comprehensive property and fraud database. In retrospective head-to-head testing, LoanSafe Fraud Manager detected twice as much fraud as any other alternative fraud provider and with very low false positive rates.
“Fraud is a $13 billion problem for the lending and investor communities,” said Tim Grace, senior vice president of Fraud Solutions at First American CoreLogic. “Lenders throughout the United States already use our tools to successfully detect and prevent fraud. This relationship with The Prieston Group will offer lenders additional services and enable them to qualify for loan-repurchase insurance.”
TPG was founded in 1986 by Arthur J. Prieston, one of the country’s foremost experts on mortgage fraud. TPG was the first U.S. company to offer insurance covering repurchase losses due to mortgage fraud and material financial inaccuracy; to date, it has written fraud-insurance coverage on more than one million loans. The company also provides training and consulting services designed to minimize fraud risk and uses a patented lender-rating system to quantify the risk embedded in a lender’s underwriting, quality control and review practices.
“This partnership will help lenders focus on best practices, products and processes and provide enterprise- and loan-level metrics to measure results,” said Arthur Prieston, TPG’s chairman. “Our new joint effort will improve loan quality and rebuild confidence levels among lenders and investors. It’s a win-win for everyone except fraud perpetrators.”
For more information about the products and services available through this alliance, contact Linda Tecco, fraud product management at First American CoreLogic, at (239) 495-8812.
About The Prieston Group
The Prieston Group (TPG) offers the mortgage industry's only fully integrated suite of fraud protection, mitigation and indemnification services. TPG’s mortgage fraud and repurchase loss insurance is provided through PBIS Insurance Services, Inc. Lender due diligence, including the patented Lender Rating system, and training are provided through its affiliate TPG Diligence, LLC. Legal and loss mitigation services are provided through TPG’s affiliate American Mortgage Law Group, P.C. More information about TPG can be found at www.priestongroup.com.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest provider in the U.S. of real estate, property, ownership, fraud, mortgage, and mortgage securities data—and the advanced analytics that use them—for the assessment of real estate sales, collateral valuation, home price trends, mortgage originations, mortgage- and asset-based securities pricing, foreclosures, delinquencies, and asset dispositions. Our market-specific data covers 98 percent of all U.S. ZIP codes and 3,059 counties in all 50 states and the District of Columbia, representing 99 percent of the U.S. population, 97 percent of all properties (140 million), more than 50 million active mortgages, and 96 percent of loan-level, non-agency mortgage securities. First American CoreLogic’s products and services enable customers to manage credit and mortgage risk, protect against fraud, acquire and retain customers, mitigate loss, decrease mortgage-transaction cycle times, value properties accurately, determine real estate trends, and project future market performance. For more information about First American CoreLogic, please visit www.facorelogic.com.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With total revenues of approximately $6.0 billion in 2009, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.