Patent ID: 7693764
Filing Date: 2010-04-06
Classification: G06Q

Abstract:
1. A method for determining at least one indication of whether a mortgage loan application for a property is likely to involve property value fraud, the method comprising: receiving, by a data processor, information representative of the property from a database, the information including foreclosure information on the property and a current rate of foreclosures corresponding to a region in which the property is located; determining, using the data processor when evaluating the mortgage loan application and prior to issuing a mortgage based on the mortgage loan application, a first indication based on one or more rules and the received information, the first indication representative of a likelihood that the mortgage loan application involves property value fraud, the one or more rules being implemented by the data processor and including: calculating, using the data processor, an appraisal score indicating whether an appraisal value of the property is faulty; and determining, using the data processor and when evaluating the mortgage loan application, a second indication based on the one or more rules and the appraisal score, the second indication representative of a likelihood that the mortgage loan application involves property fraud.