Custom Products

Fraud Prevention with MRG Doc Tech

MRG has turned a once time-consuming process into a "click of the mouse" and lenders now can obtain a complete fraud risk analysis at the application stage, the closing stage, or any time in between.

Risk Management

MRG has created an automatic, interactive data integration from our Miracle disclosure and document preparation systems to Kroll Factual Data, thus allowing lenders to run borrower identity, collateral property, and "third party participation in the loan process" risk assessment tests instantaneously. Lenders can set the timing on when these important tests are run and provide their warehouse lenders and investors with clear and concise risk assessment reports regarding the loans. With this integration, lenders now are able to determine the risk criteria that they are willing to accept and to cancel potentially fraudulent loans early in the process, if need be.

Three risk assessment tests are available through Miracle.

FactualID

  • Runs all borrower information input into Miracle through Kroll's testing capabilities to determine the level of risk associated with the borrower's identity, occupancy/strawbuyer, and exclusionary lists such as OFAC.
  • The lender receives a printable one page report with the assessment risk displayed prominently.
  • An assessment score of 70 or higher is typically considered "low risk".

CollateralFacts

MRG uses the lender's input of the property address, county, appraised value, loan amount, and the borrower's name to provide lenders with a comprehensive one page report. The test results:
  • Provide a risk score between 0 and 100, with values above 70 being considered "minimal" risk;
  • Identify fraudulent activity surrounding a property;
  • Determine the accuracy of the value provided;
  • Evaluate possible title misrepresentation;
  • Compare the property characteristics to the subject market area.

FullFacts

Through Miracle's direct data feed to Kroll, lenders are able to:
  • Assess the risk of potential misrepresentation of the participants to the loan process such as the broker, the appraiser, and the closing agent;
  • Identify collusion or conflicts of interest;
  • Determine whether any participant is on the OFAC Lists, The HUD Limited Denial Participation List, or the HUD Debarment List;
  • Customize an exclusionary list against which they would like to run participants;
  • Receive a risk score between 0 and 100, with values above 70 being considered "minimal" risk;