I was invited to speak at the MBA National Mortgage Fraud Issues Conference in Los Angeles this week and it looks to be an exceptional event – MBA Conference.
I’m always excited to speak about the future of fraud prevention, particularly when it comes to the mortgage industry. I believe this industry will be shaped by the technology that will be created over the next 2 years.
I’m celebrating my 10th year as a fraud prevention advocate for the mortgage industry and I have to say it’s been a wild ride. I started in 2004 when the word “fraud” was considered a forbidden word to even speak in public. The general consensus was that it rarely occurred and when it did it was the exception.
If you witnessed the fallout of the mortgage industry in 2007 and after, you know that this certainly was not the case and that fraud was often cited as one of the primary reasons the industry collapsed. Unfortunately, I witnessed that first-hand with the 50+ lenders I worked with over that time.
Times have changed. Fraud is front and center in the minds of lenders and they are looking to technology to help them prevent fraud in the future. Nothing makes me happier than progress.
The Way Forward
Our approach to technology is straight forward and it has always been that way. Use cutting edge technologies that have worked in more sophisticated financial services applications (such as credit cards) and then adopt and customize that technology to the mortgage industry.
When I talk about things like instant alert customization, embedded link analysis, self-learning adaptive models, dynamic workflow, and expanded customer relationship data feeds, these terms may mean very little to the mortgage industry today — but they will someday soon. I’m excited about to speak about that vision at the conference.