MERS, Interthinx to Collaborate on Mortgage Fraud Database
On October 12, 2009, MERSCORP, Inc. (MERS) and Interthinx announced the launch of a national fraud prevention database that will help lenders seek, identify, and share suspected fraudulent activity in loan applications from the point of origination. MERS FraudALERTSM, powered by Interthinx, will allow lenders to identify potential mortgage fraud through the sharing and reporting of data among the more than 62 million loans currently registered on the MERS® System, according to a MERS press release. Lenders using FraudALERTSM will submit loan application data and incident reports with suspected or confirmed fraudulent activity to a centralized database. The system will then notify other lenders who have loans that may have connections to the data, alerting them to possible fraudulent transactions in their pipelines. FraudALERTSM will be released during the fourth quarter 2009.
