AI Ass't, Home Equity, Servicing, Borrower Capture, Audit Tools; MISMO & DPA

“I ordered a book online titled, ‘How to Scam People Online.’ It’s been six months and I still haven’t received it.” Being scammed, and fraud in general, isn’t a laughing matter. Companies like SoFi publish information on how to recover afterward. People over 60, as always, are more susceptible. The FBI has a website on mortgage fraud which is well-regarded. Good loan officers are instrumental in teaching their clients about it. I mention all of this because I continue to hear from LOs about how artificial intelligence has increased fraud more than reduced it. Generating one’s own paystubs online takes about 20 seconds, and has for many years, hence the increase in reputable verification services. Third party providers have increased their range and scope: Firstline Compliance, FraudGuard, FundingShield, ACES Quality Management, and Secure Insight all jump to mind. There are even companies like Private Eyes to check the background of those checking the loan. Remember: you have the money, they want it. (Today’s podcast can be found here. This week’s ‘casts are presented by Experian. Experian Verify’s integration with Workday gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing. Today’s has an interview with NFTYDoor’s Tim Rowan on home equity lending and how digital technology and human support can improve borrower and loan-originator experiences.)