When is the right time to be checking for Fraud?
All the time is the right answer, but practically speaking, fraud checks should be performed as a standard function of underwriting. Why go through the entire process to run the check when drawing documents for closing only to find that there are fraud related issues and alerts?
What a waste of time and energy on the cost of personnel and materials …which ultimately translates into money further lowering your net bottom line income on a per file basis!
Underwriting is where the “buck should stop” related to fraud. Has the lender and/or loan officer been cleared related to licensing? Are the borrowers good to go? Has there been an unusual amount of activity related to a given property address?
You shouldn’t wait until closing, shipping, or purchasing to discover there are issues. The tools exist to assist. It is just a matter of initiating a process change.
