In today’s digital age, social media has become an indispensable tool for various industries, including mortgage risk mitigation. Frasco® Mortgage Risk Mitigation, a leading investigations firm, leverages social media searches to enhance their comprehensive suite of services. These services include Forensic & Fraud Reviews, Due Diligence & QC Audits, Loss Mitigation, and Verification Services. By integrating social media searches into their processes, Frasco ensures a more thorough and effective risk mitigation strategy.
The Role of Social Media in Risk Mitigation
Social media platforms provide a wealth of information that can be crucial in identifying and mitigating risks. For mortgage risk mitigation, social media searches can reveal inconsistencies, undisclosed information, and potential fraud that might not be evident through traditional verification methods. Here’s how Frasco utilizes social media searches across their services:
Forensic & Fraud Reviews
- Borrower Interviews: Social media profiles can provide additional context and verification for borrower interviews, helping to confirm the authenticity of the information provided.
- Employment and Income Verification: Social media can corroborate employment history and income claims, revealing discrepancies that might indicate fraud.
- Reverification of Deposit & Source of Funds: By examining social media activity, Frasco can verify the legitimacy of reported assets and sources of down payment.
- Occupancy Verification: Social media posts can help determine if a borrower truly occupies the property as their primary residence, preventing occupancy fraud.
- Undisclosed Debt and Mortgages: Social media can uncover hidden financial obligations that borrowers have not disclosed.
- Identity Theft: Social media activity can help verify the identity of borrowers and detect potential identity theft.
Due Diligence & QC Audits
- Sample Selection and Forensic Fraud Review: Social media searches enhance the depth of forensic fraud reviews by providing additional data points.
- Data Integrity Check: Social media can be used to cross-verify the accuracy of critical documents and information.
- Policies and Procedures Review: Insights from social media can inform the review and improvement of internal policies and procedures.
Loss Mitigation
- Reverification of Income and Assets: Social media can provide evidence to support or refute claims about income and assets during the loss mitigation process.
- Confirmation on Hardship Reasons: Social media activity can validate the reasons for financial hardship, such as job loss or medical issues.
- Evaluation of New Credit Report: Social media can reveal undisclosed accounts or financial behaviors that impact creditworthiness.
- Interviewing Relevant Parties: Social media profiles of borrowers, sellers, and other relevant parties can provide additional insights during interviews.
- Occupancy Verification: Social media posts can confirm whether the borrower resides at the property, which is crucial for loss mitigation strategies.
Verification Services
- Employment, Income, Asset, and Credit Verification: Social media can supplement traditional verification methods, providing a more comprehensive view of a borrower’s financial situation.
- Occupancy Verification: Social media activity can help verify if the borrower occupies the property as claimed, reducing the risk of occupancy fraud.
Conclusion
Integrating social media searches into mortgage risk mitigation processes offers a powerful tool for uncovering hidden risks and verifying critical information. Frasco® Mortgage Risk Mitigation’s innovative approach ensures that lenders can make informed decisions, reduce fraud, and maintain the integrity of their loan portfolios. By leveraging the vast amount of data available on social media, Frasco enhances their ability to provide thorough and effective risk mitigation services, ultimately benefiting both lenders and borrowers.
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Frasco® Mortgage Risk Mitigation delivers ethical and efficient solutions tailored to your needs. Have questions or want to discuss your investigative needs further? Schedule a call with one of our experts today to find the answers you’re looking for.
Disclaimer: This blog post is for informational purposes only and should not be considered legal advice. Please consult your general counsel for specific legal guidance. Frasco investigators are licensed, and our operations comply with US industry, federal, state, and local laws.