Intercontinental Exchange (ICE) on Monday announced the launch of ICE Fraud Monitor, a mortgage fraud and property research solution integrated with the Encompass loan origination system to help lenders reduce risk and speed underwriting.
Fraud Monitor pulls fraud risk scoring and property risk data into a single dashboard within Encompass, cutting down on the need for underwriters to log into multiple vendor portals, according to ICE.
Users can click into specific fraud categories to see underlying data sources and supporting reports, which can make it easier to investigate red flags and document decisions.
The solution is built around configurable, exception-based automation that can clear conditions and update Encompass, which is designed to streamline the review process and limit repetitive manual steps for underwriting teams.
“Fraud reviews are often fragmented and highly manual, creating bottlenecks in the underwriting process and contributing to condition fatigue among lenders,” Bob Hart, president of mortgage technology at ICE, said in a statement.
“Fraud Monitor helps simplify that process by bringing fraud detection, condition management and supporting documentation into a unified workflow within Encompass,” he added. “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.”
ICE said Fraud Monitor incorporates configurable risk scoring and ongoing monitoring so lenders can align workflows with internal risk management and compliance policies.
The tool integrates data from ICE SiteXPro property records, credit and employment validation sources, exclusionary lists and watchlists, and other third-party fraud and verification tools to create a more complete view of potential risk indicators.
The product also maintains a full audit trail with automated recordkeeping, user-level permissions, time-stamped condition clearances and reporting designed for compliance reviews.
The launch comes at a time when the Mortgage Industry Standards Maintenance Organization (MISMO) and industry fraud reports have shown persistent fraud risk in areas such as income, employment and occupancy misrepresentation, even in a lower-volume market. At the same time, lenders are under pressure to trim turn times and reduce per-loan costs while meeting heightened regulatory expectations around fraud controls and documentation.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
