Intercontinental Exchange Inc. (NYSE: ICE) has rolled out ICE Fraud Monitor, a mortgage fraud and property research solution designed to help lenders reduce risk and expedite underwriting.
According to the company, the new tool is integrated directly with Encompass, ICE’s loan origination system (LOS), to centralize fraud risk scoring and property risk data in a user-friendly dashboard. Underwriters will no longer need to navigate between multiple vendor portals – with the new tool, they can click on fraud categories to view underlying data sources and supporting reports, making it easier to investigate potential issues. The solution also maintains a full audit trail with automated recordkeeping, user-level permissions, time-stamped condition clearances and compliance-ready reporting, the company added.
“Fraud reviews are often fragmented and highly manual, creating bottlenecks in the underwriting process and contributing to condition fatigue among lenders,” said Bob Hart, president of mortgage technology at ICE. “Fraud Monitor helps simplify that process by bringing fraud detection, condition management and supporting documentation into a unified workflow within Encompass. By automating portions of the review process and giving underwriters faster access to detailed reports, they can identify and resolve potential fraud risks more efficiently while keeping loans moving through the pipeline.”
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