MORTGAGE FRAUD DETECTION SYSTEMS AND METHODS
First Claim
1. A fraud detection system to detect fraud in a financial loan application process, the system comprising:
- one or more interfaces configured to receive loan application information data from a plurality of unique data sources that comprise a plurality of different lenders, the loan application information data comprising a first plurality of loan application data records originating from a first lender and a second plurality of loan application data records originating from a second lender, wherein the first plurality of loan application data records comprises at least a first loan application data record originating from the first lender;
a database configured to receive the loan application information data from the plurality of unique data sources and to store the loan application information data with an identifier configured to distinguish loan application information data records received from the plurality of unique data sources; and
a computer processor configured to populate an internal pipeline for the first lender comprising the first plurality of loan application data records originating from the first lender by using the unique identifier associated with the first lender;
the computer processor further configured to populate an external pipeline for the first lender comprising at least the second plurality of loan application data records originating from the second lender;
the computer processor further configured to compare the first loan application data record to other loan application data records in the first lender'"'"'s internal pipeline, and further configured to compare the first loan application data record to loan application data records in the first lender'"'"'s external pipeline; and
the computer processor further configured to identify potential fraud in a loan application corresponding to the first loan application data record based on the comparisons between the first loan application data record and the first lender'"'"'s internal and external pipelines.
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Accused Products
Abstract
Mortgage fraud detection systems and methods are provided. A fraud detection system can generally comprise a database operator, a database manager, one or more users, and a database. Database components can be implemented as hardware, software, or a combination of both. A fraud detection method can generally comprise providing a database for maintaining a plurality of records. Data records can be continually received by a database in batchwise or single submission protocols. Records can be compared to determine whether they contain common data in one or more predetermined fields. If records contain common data in one or more predetermined fields, records can be examined for inconsistencies in one or more other data fields. Discovered inconsistencies and magnitudes of inconsistencies can be warning signs of fraud. Results of comparisons can be reported to system users to enable such users to investigate additional circumstances. Other embodiments and features are also claimed and described in the application.
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Citations
27 Claims
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1. A fraud detection system to detect fraud in a financial loan application process, the system comprising:
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one or more interfaces configured to receive loan application information data from a plurality of unique data sources that comprise a plurality of different lenders, the loan application information data comprising a first plurality of loan application data records originating from a first lender and a second plurality of loan application data records originating from a second lender, wherein the first plurality of loan application data records comprises at least a first loan application data record originating from the first lender; a database configured to receive the loan application information data from the plurality of unique data sources and to store the loan application information data with an identifier configured to distinguish loan application information data records received from the plurality of unique data sources; and a computer processor configured to populate an internal pipeline for the first lender comprising the first plurality of loan application data records originating from the first lender by using the unique identifier associated with the first lender; the computer processor further configured to populate an external pipeline for the first lender comprising at least the second plurality of loan application data records originating from the second lender; the computer processor further configured to compare the first loan application data record to other loan application data records in the first lender'"'"'s internal pipeline, and further configured to compare the first loan application data record to loan application data records in the first lender'"'"'s external pipeline; and the computer processor further configured to identify potential fraud in a loan application corresponding to the first loan application data record based on the comparisons between the first loan application data record and the first lender'"'"'s internal and external pipelines. - View Dependent Claims (2, 3, 4, 5, 8, 21, 22)
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6-7. -7. (canceled)
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9. A method to detect potential fraud in a financial credit or loan application process, the fraud detection method comprising:
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providing a database operatively configured to receive data comprising a plurality of financial credit or loan applications from a plurality of lenders; configuring a computer processor to perform a two-level search comprising; identifying a subset of loan applications containing one or more of the loan applications having duplicate data in one or more predetermined data fields; and determining whether the loan applications in the subset of loan applications comprise one or more other fields having discrepant data; and configuring the computer processor to identify potential instances of fraud based on the discrepant data. - View Dependent Claims (11, 12, 13, 14, 23, 24, 25)
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10. (canceled)
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15-18. -18. (canceled)
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26. A computer-readable medium having computer readable instructions stored thereon for execution by a processor to execute a method for identifying potential fraud in a loan application, the method comprising:
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receiving data related to a first loan application originating from a first subscriber; receiving data related to a second loan application, the first loan application and the second loan application having a duplicate value in a first data field, and having disparate values in a second data field, wherein the first data field corresponds to one of a plurality of predetermined key data fields; configuring a computer processor to compare the first loan application to the second loan application; flagging the second loan application based on identification of the duplicate value in the first data field and the disparate values in the second data field; inserting the second loan application into a set of flagged loan applications, wherein each of the set of flagged loan applications comprises a duplicate value in a key data field and a disparate value in an other data field, as compared to the first loan application; ranking the first loan application among a plurality of loan applications based on a predetermined algorithm, wherein the first loan application is ranked relative to the plurality of loan applications based at least partially on (i) importance of the other data fields having disparate values in the set of flagged loan applications and (ii) a measurement of disparity between the disparate values in the other data fields of the set of flagged loan applications, as compared to the first loan application; and reporting the ranked plurality of loan applications to the first subscriber. - View Dependent Claims (19, 20, 27)
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Specification